Tanishq sales up 15% in Q3 FY 16-17

For Titan Company, the period of Q3 FY 16-17 generated one of the best seasonal sales for the company, as per reports. The like-to-like sales of Tanishq, rose 40 percent during the 30 days of the festival season, owing to new collections, schemes and exchange offers announced by the company for the festival time.

Revenues at its Tanishq brand rose 15 percent in Q3 FY 17 despite challenges due to internal and external factors, as per reports.

Post the announcement of demonetization, the company’s consumer facing businesses saw a drop for sometime and then recovered in modern retail and dedicated retail channels pre-demonetisation levels, as per the company, reports say.

Sale in the trade channel in watches has not recovered from the demonetization effects as most transactions in such outlets have been based on cash, as per the company, reports say.

The company is in the process of launching modes of electronic payment in all its stores, aligning with the shift occurring due to demonetization in India, as per reports. Sales at its outlets incorporate the GHS scheme, (advances paid by customers for custom made jewellery before the demonetization) and electronic modes of payment. The company noted that immediately post November 8th, many of its Tanishq stores witnessed a rise in footfall and high sales, as per reports.