Market share gains sustain in tough macro environment Inflation in gold prices has severely dented consumer sentiments with footfalls declining in the festive season. As per the management, the jewellery industry declined ~10-15% in Q2FY20, signalling that Tanishq continued to gain market share in a challenging environment (with 7% retail sales growth in Q2FY20). In a bid to further strengthen its presence in nonmetro cities, the management has maintained its store addition plan of ~60 Tanishq stores for FY20E, despite slower pace of addition in H1FY20 (21 stores). While volatile gold prices may act as deterrent to revenue growth in...