Indian jeweller Titan reports 25% growth in quarterly consumer business sales

India’s Titan on Tuesday reported a 25% rise in sales in its consumer business in the second quarter, driven by demand for jewellery, watches and eyewear.

The company, which houses brands like Tanishq and CaratLane, added 78 stores in the July-September quarter, taking its total store count to 3,758.

Its jewellery business grew 21% during the quarter, driven by double-digit growth in average transaction values as gold prices remained high

Titan said the jewellry business also maintained a double-digit growth momentum in North America during the quarter.

The company’s watches business, which includes brands such as Fastrack and Sonata, grew 30% during the quarter, while its eyewear business posted 28% growth from a year earlier.

The results come as Indian consumer companies signal resilient demand

On Monday, Indian apparel retailer Trent reported a 23% year-on-year rise in standalone revenue for the second quarter while Marico forecast double-digit revenue growth.

Indian jeweller Titan to buy large stake in Dubai’s Damas

Titan is the lifestyle and consumer goods unit of India’s salt-to-steel conglomerate Tata Group.

“The GCC (Gulf Cooperation Council) business has held up well in a volatile geopolitical environment and recording improving growths for Tanishq,” Titan said.