By FY27, Titan plans to more than double the number of Zoya stores

27 Feb 2023 , 08:11 AM

In the next three years, Titan’s luxury jewellery line Zoya hopes to more than quadruple its sales and store count from what it has achieved over the course of its 14-year existence.

With seven showrooms and an equivalent number of galleries since its 2009 start, Zoya has grown into an Rs200 crore sub-brand inside the Titan portfolio that generates over Rs40,000 crore yearly. The newest addition was just added last week at the Taj Mahal Palace Hotel here.

According to CK Venkatraman, managing director of Titan Company who talked to PTI, we will have at least eight more boutiques by FY27, in addition to our seven stores and seven galleries at the moment, if everything goes according to plan and if the demand for luxury maintains the current growth momentum.

According to him, they will invest more than Rs320 crore over the next three years because each store commands at least Rs40 crore.

Each boutique has received close to Rs40 crore in investment. The brand Zoya is profitable despite the significant expenditure, he continued.

When questioned if increasing the footprints by two would also mean increasing the topline from the current level of Rs200 crore, which represents less than 1% of the parent company’s yearly revenue, Venkatraman responded in the positive.

In a perfect world, yes. Given the anticipated expansion in the number of high-net-worth individuals and the domestic luxury market, he added, the top line can potentially be higher.

He bases his optimism on the fact that India is one of the world’s fastest-growing luxury markets, with a projected value of USD 8.5 billion this year and a projected USD 200 billion by 2030, according to some estimates. We anticipate a rise in demand for Zoya as a result of the HNI population’s rapid growth.

Each Zoya design is handcrafted by skilled artisans over the course of 9 to 12 months using only the finest stones. The boutiques are also planned, and each one cost close to Rs40 crore to build.

He claimed that on the product side, Zoya unveiled two trademark collections last year: Samave and Aeterna, both of which featured patents on their design and cut, as well as the high-end jewellery line Beyond.

About Titan, he claimed that although it is the market leader, it only has a less than 10% market share in the jewellery sector, meaning there is space for expansion. ‘When it comes to expansion, we will still be very ambitious.’

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