Softness in sub-100K jewelry demand
Management noted sluggishness in sub-100K segment, especially new customers, due to economic challenges and share-of-wallet shifts.
TITAN / Q3-FY24 / risks
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Material risks this quarter
medium
Competitive intensity from rising gold prices
Higher gold prices led to increased competitive offers and marketing spends, pressuring margins in Q3.
EyeCare and ethnic wear growth headwinds
EyeCare and ethnic wear saw muted like-to-like growth due to industry-wide headwinds, with no clear near-term recovery visibility.
Wearables margin dilution
Growing wearables salience with lower ASPs is expected to keep watches division margins at 11-12% for a couple of quarters.