India's Titan Sees Revenue Grow

RAPAPORT... Titan Company noted strong growth in the most recent fiscal year, as itlaunched new digital initiatives and collections that were popular with customers. Group sales rose about 21% for the 12 months ending March 31, the Indian retailer said in a trading update published earlier this month, while revenue for the jewelry division increased 22%. Thecompany reported high demand for its Tanishq, Diamond Treats, Gulnaaz, Utsava and Preencollections. Titan did not provide full sales data, and will publish more detailed results at an unspecified later date. Online jewelry platform CaratLane, in which Titan holds a70% stake, opened new retail outlets during the period. Its sales grew 42% forthe year. Revenue from watches rose 16%, led by itsTitan, Fastrack and Sonata brands. E-commerce sales have been the biggest growthdriver for timepieces, Titan said. The smart-products line, which launched in 2017 and is part of the watch division, grew more than 80%.Titan expects growth of 20% in the fiscal year ending March 2020 for all its divisions combined, including eyewear. Image: A Tanishq gold and diamond ring. (Tanishq)