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Tanishq Gains in Indian Gold-Buying Season

Jul 6, 2016 10:12 AM   By Rapaport News
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RAPAPORT... Titan Company said its Tanishq brand probably increased its market share during a crucial part of the Indian jewelry calendar, as sales grew while competitors faltered.

The Akshaya Tritiya weekend in May, traditionally a strong time for buying gold, brought “some sales growth” for the company’s flagship brand.

“Our channel information suggests that some of the other large players in the industry may have declined by as much as 30 percent over the Akshaya Tritiya period, suggesting market-share growth for Tanishq,” the retailer said in a statement. The division had a “decent” first fiscal quarter – ending June 30 – despite the loss of sales in the first 15 days caused by a nationwide jewelers' strike over a new excise duty.

Meanwhile, a new requirement for customers to present their permanent account number (PAN) card when buying jewelry over $2,960 (INR 200,000) had a “visible” impact in some product bands. The effect will probably stabilize over time once customers get used to the new threshold, which was previously $7,410 (INR 500,000).

The company opened five new Tanishq stores in the first quarter and closed two Gold Plus stores. Full quarterly results for the period are expected in early August.
Tags: Akshaya Tritiya, gold, India, India strike, PAN cards, Rapaport News, Strike, Tanishq, tax, Titan, Titan Company
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