FY20 was a challenging year for Tanishq owing to a significant surge in gold prices (up ~31% YoY) and slowdown in discretionary spending. Despite the dual headwinds, Tanishq continued to outperform the industry with sustained market share gains (revenue growth: 6% YoY in FY20). With washout of sales in the second half of March, grammage fell 20% YoY in Q4FY20. Titan added highest number of Tanishq stores in a year (40) taking total store count to 327 as on FY20. Going forward, it expects a gradual recovery in jewellery space from H2FY21 onwards led by festive buying in...