Titan Company Ltd will expand Mia by Tanishq jewellery stores to around 200 across India by the end of the current financial year. It currently has 125 stores, up from 40 about two years ago, said Ajoy Chawla, CEO, Jewellery Division, Titan. “Mia is expanding at a fast pace,” he told businessline. On Friday, four Mia stores were inaugurated stores in Chennai.
Mia has been a sub-brand from Tanishq, which is targeting the modern and younger mindset, and everyday adornment, workwear, and gifting. It is a young and fastest-growing segment in Titan. It is an important part of Titan’s jewellery portfolio catering to GenZ. Crafted in 18kt and 14kt gold, Mia’s diamond jewellery range has over 1,500 designs starting at ₹4,999, he said.
Chawla said that the jewellery industry has seen a huge recovery post-Covid and was one of those categories which in fact did pretty well because of the stored value in the jewellery, lack of other options, and share of wallet games. The Tata group did very well in Titan, Tanishq, and Mia, he said.
“After the pandemic, we were prepared for the large opportunity for growth that was there. We knew it was going to come. We are seeing different segments of customers. So the customers whom we address through Tanishq, Mia, Zoya, or CaratLane are in the upper middle class and beyond.
We are seeing a premiumisation trend in India also with a segment of people who are better off spending more; certain people are upgrading their lifestyle in sectors like auto, watches, jewellery, FMCG, and garments.
“People have saved money on the one hand, and people don’t want to worry too much about tomorrow. They are saying, when I’m alive and in good health today, let me do the best I can,” he said.
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It’s very difficult to quantify this. All I can say is that there is a growth in volume; there is growth in value and different sizes. And the combination of the two is what we are seeing as very good double-digit growth that we’ve been seeing very healthy, because it was the last two years, and it continues in the first quarter, he said.
For our brands, we are seeing very good growth. Mia is of course leading the growth. It is a younger brand and also on a smaller base but it is continuing to see very good traction and
“We have a portfolio of brands, including Tanishq, Mia, Zoya and CaratLane. All brands put together, we are still only 7 per cent of the market. Last year, we did about ₹37,000 crore in the market, which is about ₹4.70 lakh crore. It is pretty small. So while we have different brands, the purpose of the portfolio range is that it caters to different segments or different needs. CaratLate is blossoming in its own way and it has its own brand positioning and language, he said.
“If we look at the young and modern India, we are talking about 60 million financially independent women. Put together, between CaratLane and Mia, and Tanishq we don’t cater to 1 or 2 million. So you’re talking about the ocean. And therefore it is always useful to have multiple brands at play,” he said.
Shyamala Ramanan, Business Head, Mia By Tanishq, said, Mia is basically talking to the Gen Zers. ”We believe that the Gen Zers need a set of products. So it’s all about self-expression. We introduced collections that were trending at that time. This includes Evil Eye, Zodiac, Nature’s Finest, Mamma Mia, Wavemakers, and Sustainability. Tanishq has recycled gold, out of which we have decided that Mia will be the poster child which will use only recycled gold. So all our products are 100 per cent recyclable. We have just started our journey on recycled diamonds as well,” she said.