Both Titan and Kalyan have shared their business updates. I have compared Tanishq Jewellery(Tanishq, Mia and Caratlane) with Kalyan(Kalyan, Candere)
Tanishq & Kalyan: Q2FY25 Business Highlights 
Tanishq Jewellery (Titan Company Limited) and Kalyan Jewellers both reported strong Q2FY25 results. Let’s examine their performance, focusing on revenue growth and expansion strategies.
Revenue Growth Sparkles 
Both companies thrived in Q2FY25, capitalizing on increased consumer spending after India reduced the custom duty on gold imports. Here’s a closer look:
| Metric | Tanishq Jewellery (Titan) | Kalyan Jewellers | |
|---|---|---|---|
| Consolidated Revenue Growth (YoY) | 26% | 37% | |
| India Jewellery Revenue Growth (YoY) | 25% | 39% | |
| SSSG | Mid Teens | 23% |
- Kalyan Jewellers achieved higher overall revenue and same-store-sales growth than Tanishq Jewellery.
- The reduction in gold import duty significantly boosted demand for both companies, highlighting the sensitivity of the jewellery market to gold pricing.
Expanding their Footprint 
Both companies strategically expanded their store networks in Q2FY25, primarily in India:
| Detail | Tanishq Jewellery (Titan) | Kalyan Jewellers |
|---|---|---|
| Total New Stores (Jewellery, net) | 34 | 27 |
| Breakdown | 11 Tanishq, 11 Mia (India), 1 Mia (Abu Dhabi), 11 CaratLane | 15 Kalyan, 12 Candere |
| Strategy | Multi-brand approach targeting diverse demographics and price points. | Focus on the Kalyan brand with a growing franchise-owned-company-operated (“FOCO”) model. |
| Total Stores (as of Sept 2024) | 1,009 (723 Tanishq & Mia, 286 CaratLane) | 303 (231 Kalyan India, 36 Kalyan Middle East, 36 Candere) |
- Titan’s multi-brand strategy allows them to capture a wider customer base.
- Kalyan’s FOCO model could enable faster expansion with potentially lower capital investment.
Digital Dominance 
Both companies experienced considerable growth in their digital first platforms:
- CaratLane (Titan): Recorded c. 28% YoY growth.
- Candere (Kalyan): Achieved approximately 30% YoY growth.
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Conclusion:
This quarter has been good for both the companies. With festive season coming Q3 is generally best quarter for jewellery market.
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