Titan, part of Tata Group, saw a slowdown in jewelry sales for the quarter ending 30 June, as rising gold prices dampened consumer demand.
Compared to an 18% increase in the previous quarter and a 23% rise in Q3 2024, Titan reported a 9% year-on-year sales growth for Q1 2025. The company, however, did not disclose specific revenue figures. Titan expanded its footprint by opening 34 new jewelry stores, bringing its total to 699.
In contrast, Titan’s watches and wearables division showed a notable improvement with a 15% growth during the quarter, up from 6% in Q4 2024.
Despite challenges, Titan noted positive performance during the auspicious week of Akshaya Tritiya, particularly in secondary sales for its Tanishq brand, marking double-digit growth compared to the previous year.
“However, the substantial rise in gold prices by about 20% year-on-year and their sustained high levels impacted consumer demand. Combined with fewer wedding days, overall sentiments were more subdued compared to Q1 FY24,” the company stated in its quarterly update.