Titan continues to gain market share in Jewellery in Q2FY18

India Infoline News Service | Mumbai | September 29, 2017 11:04 IST

Titan has gained market share in the Jewellery business despite slowdown in the July month owing to advancement of sales in June (due to GST).

Titan Company
Titan Co. Ltd. has gained market share in Q2FY18 in the Jewellery business despite slowdown in the July month owing to advancement of sales in June (due to GST). The company in a BSE filing stated that overall; company level growth has also been close to its expectations with watches and eyewear divisions also doing well in the July-September quarter (Q2FY18). The Jewellery sector was also subjected to another regulation which mandates KYC requirement for sales in excess of Rs 50,000. The company is complying with this mandate but industry representations are being made to relax the limit of Rs 50,000 as the threshold seems to be very low considering the gold prices.

In Jewellery, the company added 4 Tanishq stores and expects store opening to be more aggressive in H2FY18. However, net addition so far has been low as few stores are being closed.

In Watches business online sales have been robust. The division added 11 WOTs, 10 fast track and 12 Helios stores adding upto 15,000 sq feet.

In Eye Wear, growth has been healthy in Q2FY18 at the consumer price level. However, the net reported sales may be muted since the division decided to compensate the business associates for the increase in GST rates without taking a price hike in the quarter. 
The division added 21 Titan Eye Plus stores in FY18, adding up to about 13,000 sq feet of retail space.

Titan is India’s leading player in branded jewellery, watches and precision eyewear. Its revenue consisted of Jewellery (78%), Watches (15%), Eyewear (3%) and others (4%) in FY17.
Titan Company Ltd is currently trading at Rs 571.6, down by Rs 4 or 0.69% from its previous closing of Rs 575.6 on the BSE.

***Note: This is a NSE Chart



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