Business

Titan Q1 growth in jewellery segment lower than planned

ANI | July 09, 2019 10:46 AM
Titan said high gold prices dented sales in June

Mumbai (Maharashtra) [India], July 9 (ANI): Titan company said its April to June quarter growth in jewellery segment was lower than planned due to high gold prices although gains in market share were sustained.

"The quarter witnessed a tough macro-economic environment with consumption being hit. Very high gold prices particularly in June also impacted growth in the jewellery industry," it said in a quarterly update.

Jewellery segment revenue grew by a muted 13 per cent in Q1 FY19 as a sharp increase in gold prices dented consumer demand significantly in June. Wedding jewellery and studded group witnessed decent growth in the quarter. Sales on the auspicious occasion of Akshaya Tritiya were robust.

The company's watches division continued with good sales momentum with revenue growth of 19 per cent, partly aided by the execution of a large institutional order from Tata Consultancy Services (TCS).

The eye wear division witnessed revenue growth of 13 per cent aided by the activation during the quarter. Trade channel grew faster than the overall division growth, said Titan -- a Tata enterprise.

(ANI)

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