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Tata to quadruple Zoya stores, expansion fuelled by India’s growth in wealthy consumers

Titan gets about 90% of its revenue from the sale of jewellery, with the remaining 10% coming from the sale of watches, eyewear, and fragrances. Its umbrella includes the Tanishq flagship brand, the Mia brand, which targets working women, the Caratlane online store, and the wealthy-focused Zoya brand, all of which are jewellery businesses. Because of India’s anticipated growth in affluent consumers, Tata Group’s jewellery division intends to quadruple its Zoya stores by 2027. 

A Knight Frank analysis shows that in 2021, the proportion of ultra-high net worth individuals with assets of $30 million or more rose by 11% from last year. As a result, the demand for gold used in jewellery will likely remain strong in India, which is currently the second-largest worldwide market.

Increasing the number of Zoya boutiques to 15 over the next five years will cost almost ₹30 crores per boutique, according to Titan CEO Ajoy Chawla. Revenues at the brand have increased up to five times from pre-pandemic sales numbers, and the company anticipates that growth will continue at this “aggressive pace”, he said.

“There is a lot of latent demand for luxury from India and high net-worth individuals are going to explode,” Chawla said in an interview. “This is just the beginning for luxury.”

Titan also plans to accelerate its international expansion in Zoya to become a recognized luxury brand on a global scale. It recently visited the US and the Middle East with Tanishq. According to Chawla, they will use this experience to organize a cross-country move for Zoya. However, the ultimate goal is to be a worldwide brand with an Indian heart. 

Chawla says that the development potential of the Zoya brand could exceed that of Tanishq. Wealthy clients have been drawn to Zoya owing to Taj Hotels Resorts & Palaces, a sibling company of Indian Hotels Co., and bespoke jewellery created in partnership with the design team and artisans.

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