Tata to quadruple Zoya stores, expansion fueled by India’s growth of affluent consumers| Roadsleeper.com
About 90% of Titan’s revenue comes from jewelry sales, while the other 10% comes from watches, eyewear and fragrances. Four jewelery brands are under its umbrella: flagship brand Tanishq, brand Mia, which targets working women, online store Caratlane and brand Zoya which targets wealth. Now Tata Group’s jewelery division plans to quadruple its Zoya stores by 2027, thanks to India’s expected growth of affluent consumers.
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According to a Knight Frank analysis, the number of ultra-high net worth individuals with assets of $30 million or more increased by 11% in 2021 from the previous year. India is currently the second largest market in the world for gold used in jewelry, and demand is not expected to decline. By 2026, that number is projected to increase by about 39%, and over the next five years, the number of people with at least $1 million in wealth is predicted to increase by nearly 77%, according to the report.
Increasing the number of Zoya stores to 15 over the next five years will cost approx ₹30 crore per store, according to Titan CEO Ajoy Chawla. Revenue for the brand has increased up to five times from pre-pandemic sales figures, and the company expects growth to continue at this “aggressive pace,” he said.
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“There is a lot of latent luxury demand from India and high net worth individuals will explode,” Chawla said in an interview. “This is just the beginning for luxury.”
To establish a recognized luxury brand internationally, Titan also plans to accelerate its international expansion in Zoya. With Tanishq, it recently traveled abroad to the Middle East and the United States. Chawla said they will use this experience to plan a global move for Zoya. The ultimate goal is to become a global brand with an Indian heart.
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According to Chawla, the Zoya brand has the potential to outpace the expected growth of Tanishq. With the help of its sister company Indian Hotels Co.’s Taj Hotels Resorts & Palaces and custom jewelry made in collaboration with the design team and artisans, Zoya has been able to attract wealthy clients.
(With agency input)
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