In a dazzling display of success, two of India’s leading jewellery giants, Titan and Kalyan Jewellers, are set to illuminate the business world with double-digit revenue growth in the third quarter of the fiscal year. Despite challenges like fluctuating gold prices and unexpected events, both companies have exhibited resilience and operational prowess during the festive season. Let’s delve into the glittering details of their Q3 performances
Kalyan Jewellers’ Remarkable Rise:
Kalyan Jewellers, a prominent name in the industry, is poised for an outstanding Q3 performance. Anticipating a remarkable 40% growth in India, the company reported robust same-store sales across key markets. The consolidated revenue growth for the period is estimated at an impressive 33%. Even in the face of gold price fluctuations, the company managed to achieve a 4% rise in its stock on the BSE, reaching an all-time high of ₹379.35 per share.
The company’s resilience is further evident in its expansion efforts. Despite challenges like increased ‘shraadh’ days and flash floods in Tamil Nadu, Kalyan Jewellers added 22 new showrooms in India during Q3. Additionally, the company signed letters of intent (LOI) for 80 showrooms planned for FY2025. In West Asia, Kalyan Jewellers foresees a 6% YoY revenue growth in Q3, contributing 13% to the company’s consolidated revenue.
Titan’s Shining Success:
Titan, another giant in the jewellery sector, is set to sparkle with a projected 21% domestic growth in its jewellery division during Q3. The watches & wearables segment is not far behind, expecting a 23% revenue growth for the quarter. While the company did not disclose its consolidated revenue growth, the standalone revenue growth is anticipated at a commendable 22% for Q3.
Titan’s strategy of expanding its retail presence has proven successful. In Q3 alone, Titan added a staggering 90 stores, bringing its retail footprint to an impressive 2,949 stores. Tanishq, a subsidiary of Titan, expanded its international reach with two new stores in the US and one in Singapore. Mia, another brand under Titan’s umbrella, inaugurated its first store in Dubai, extending the jewellery international footprint to 14 stores.
Store Additions and Future Plans:
Kalyan Jewellers and Titan both embarked on ambitious store addition plans during Q3. Kalyan Jewellers increased its total showrooms to 235 in India and West Asia. Looking ahead, the company aims to expand by an additional 30 stores in the March quarter, including 15 new showrooms in India, two in the West Asia, and 13 Candere showrooms. The much-anticipated launch of the 250th outlet is scheduled in Ayodhya, marking a significant milestone for the company.
On the other hand, Titan’s growth was fueled by the addition of 34 new stores (net) in India during Q3. Tanishq and Mia played a crucial role in this expansion, with 18 Tanishq stores and 16 Mia stores joining the company’s ever-growing retail network.
Conclusion:
In the world of jewellery, where precision, craftsmanship, and style intertwine, Titan and Kalyan Jewellers have emerged as beacons of success. Their robust performances in the Q3, marked by double-digit revenue growth, signify not only their resilience in the face of challenges but also their strategic vision and operational excellence. As these two industry giants continue to expand their footprints and reach new heights, the sparkle of their success is set to captivate markets and customers alike.