About 90% of Titan’s revenue comes from the sale of jewellery, with the other 10% coming from watches, eyewear, and fragrances. Four jewellery brands are under its umbrella: the Tanishq flagship brand, the Mia brand, which targets working women, the Caratlane online store, and the wealthy-targeted Zoya brand. Now, Tata Group’s jewellery division plans to quadruple its Zoya stores by 2027, thanks to India’s anticipated growth in 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 11% in 2021 from the previous year. India is currently the second-largest market in the world for gold used in jewellery, and demand is not expected to decline. In 2026, that number is projected to increase by approximately 39%, and over the next five years, the number of people with at least $1 million in wealth is predicted to increase by almost 77%, according to the report.
Increasing the number of Zoya boutiques to 15 over the next five years will cost almost ₹30 crore 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.
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“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.”
To establish a recognised luxury brand internationally, Titan also plans to accelerate its international expansion in Zoya. With Tanishq, it recently travelled abroad to the Middle East and the US. Chawla said they will utilise 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 growth anticipated for Tanishq. With the help of its sibling firm Indian Hotels Co.’s Taj Hotels Resorts & Palaces and bespoke jewellery made in collaboration with the design team and artisans, Zoya has been able to attract wealthy clients.
(With agency inputs)
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