Titan's Zoya plans 20 luxury jewellery stores in the next 3 to 4 years

Zoya, the luxury jewellery brand from Titan, is eyeing a footprint of 20 stores in the next three to four years.

 

Launched about 15 years ago, much of Zoya’s expansion outside Mumbai and Delhi has occurred in the last three to four years. Around Covid-19 in 2020, it forayed into Bengaluru.

 

“So it’s only in three years that we have gone beyond the top three cities,” Ajoy Chawla, chief executive officer, jewellery division, Titan, said on the sidelines of a Zoya boutique launch in Kolkata, marking the brand’s entry into East India.

 

Chawla sees relevance for the luxury brand in the top 10 cities and expects it to remain that way unless some cities emerge from a high-net-worth individual (HNI) perspective. “It’s not that we want to keep adding lots of stores. We may add two or three stores in a year,” he said, adding that there may be scope for more, but it would depend on the luxury destinations that emerge.

 

As Zoya expands, internal goals for revenue are being set. “This year, we are hoping to close at Rs 400 crore. In four years from now, we would be at Rs 800-900 crore,” Chawla said.

 

Zoya has 12 exclusive boutiques across Mumbai, Delhi, Ahmedabad, Bengaluru, Chennai, Kolkata, Pune, and Hyderabad, and Zoya galleries in Mumbai, Ahmedabad, Kolkata, Chennai, and Chandigarh.

 

On market trends, he said the premiumisation of the Indian consumer economy was clearly visible and attributed it to multiple factors. “Part of it is K-shaped recovery. Part of it is to do with customers who have money and were wanting to make the most of today. Also, the per capita income has crossed $2,200, though widely dispersed,” Chawla noted.

 

In the next four years, Chawla expects the HNI segment to double.

 

India is witnessing weak consumption demand. However, Chawla said that in jewellery, the slowdown is not so evident. “The middle class in urban markets is seeing some degree of slowdown. But we are not seeing it in jewellery because we are not catering to a large extent to that segment,” he said.