Titan focuses on value led growth this Akshaya Tritiya
Titan Company is focusing on value led growth over volume growth for the Akshaya Tritiya festive season. Aiming to mitigate consumer uncertainty over high gold prices, the business expects to see double digit growth mainly fuelled by higher ticket sizes.
"With so many global uncertainties, gold has turned into a safe haven," said Titan Company's Jewellery Division CEO Ajoy Chawla, ET Retail reported. "But with prices spiralling, it has put pressure on consumer sentiments."
Predicting marginal buyer growth this Akshaya Tritiya, Titan Company has directed its marketing focus away from purely gold towards diamond and precious gemstone bridal jewellery. The business has seen investment led gold purchases remain strong, including sales of gold coins, and has reduced weight-dependent making charges significantly.
"Gold is a commodity, it can't stay elevated forever," said Chawla. "We're cautiously optimistic. India's festive spirit is intact, even as global headwinds persist."
Titan Company's fine jewellery brands include Mia by Tanishq, Tanishq, and Zoya, according to its website. The business is part of Tata Group and its portfolio also includes brands in categories spanning watches and wearables, clothing, fragrances, and fashion accessories.
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