Titan’s CEO Expects Zoya’s Turnover to Double in the Coming Years
Ajoy Chawla, CEO of Titan’s Jewellery division, believes that Zoya, a luxury brand under Titan, is coming of age. With a turnover of over Rs 100 crore last year, Chawla expects Zoya to double its turnover in the next few years. The focus on Zoya is increasing, and the brand plans to expand its presence by opening more stores. Currently, Zoya has eight stores and aims to reach 14 or 15 stores by the next Diwali.
The Luxury Market in India is Poised for Growth
Chawla highlights the growth potential of the luxury market in India. With per capita income surpassing $2,000, he believes the market is ready for takeoff. Despite the impact of COVID-19, consumers who buy luxury items have not been significantly affected and their spending on luxury products has increased. This premiumization trend is visible across all categories.
Zoya’s Role in Titan’s Future
Given the size and growth of the luxury market in India, Chawla sees a larger role for Zoya. Jewelry and watches constitute about a third of the overall luxury market in India, which is expected to grow by 20-30% in rupee terms. With Zoya’s impressive performance and potential, it will play a significant part in Titan’s future plans.
Zoya’s Expansion Strategy
Zoya aims to double its turnover by expanding its presence through store openings. Currently with eight stores, they plan to have 14 or 15 stores by the next Diwali. While Zoya may be purchased for weddings and festive occasions, its focus has always been on occasion wear rather than specifically targeting the wedding segment. The brand strategically launches new collections before Diwali to align with the luxury trend in the second half of the year.
Hot Take: Zoya’s Growth and Titan’s Focus
Zoya, Titan’s luxury brand, is experiencing significant growth and is expected to double its turnover in the coming years. With a strong presence in the Indian luxury market and an increasing number of stores, Zoya is well-positioned to capitalize on the premiumization trend. As the luxury market continues to grow in India, Titan sees a larger role for Zoya and recognizes its potential for further success.
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