FY20 was challenging for Titan's jewellery division (Tanishq) due to a significant surge in gold prices (up ~31% YoY) & slowdown in discretionary spending. Despite dual headwinds, Tanishq continued to outperform the industry with sustained market share gains. In January-February, Tanishq reported a strong performance with revenue growth of ~16.5%. Diamond studded activation in January, healthy demand for wedding jewellery (~25% of revenues) aided performance of the division. However, owing to store closure in March, revenue for Q4FY20 contracted 5% YoY (vs. I-direct...