Titan’s luxury jewellery brand Zoya targets 5x growth

Forum Gandhi | | Updated on: Jun 29, 2022

Despite the pandemic, Zoya closed FY22 at ₹140 crore against a target of ₹100 crore

Titan’s luxury jewellery brand Zoya is looking to grow its customer base by five times over the next three years. Despite the pandemic, Zoya exceeded its revenue expectations from ₹100 crore to ₹140 crore in FY22, said a top official. 

It has five flagship stores and six galleries in Mumbai, Delhi, and Bengaluru among others. Zoya opened two new stores and six new galleries in the last two years and is opening two new stores this year.  In terms of revenues, Zoya’s target for FY22 was ₹100 crore, however, it closed the year at ₹140 crore. 

Ajoy Chawla, CEO of Titan’s jewellery division, did not give absolute numbers of Zoya’s customer base. However, he said, “Currently, our customer base is in several thousands, and is growing by a healthy double-digit, and we are expecting our customer base to grow to five times its current size by 2027.” 

But it’s not just about how many customers we have but also the frequency with which they engage with the brand that is important and that’s a key focus for Zoya.” The brand envisions completely adopting a modern wearable design language to create a warm and personalised luxury experience. Titan, the parent company, aims at making Zoya the jewellery brand of choice for the Indian diaspora and increasing its international customer base, helping the brand become global.”

Zoya is an exquisite diamond boutique. The thirteen-year-old brand has been silently making its space in the luxury jewellery segment. “With Zoya, we are not in a hurry. Luxury traditionally takes time to build and with Zoya we want to create a brand that has meaning and wearable pieces of art, a brand with an Indiansoul and a global outlook,” Chawla said. 

Speaking about the potential over the luxury jewellery market, he said that the entire luxury industry is seeing a boom in India. “The luxury market is growing rapidly in India and we expect it to be 300K HNIs by 2027. We see a lot of potential in this segment, hence, we feel its time to push the Zoya story.

There have been multiple Indian and international enterants in the luxury jewellry segment in India in the past few years. Last year, Tiffany & Co entered India in partnership with Reliance Retail. 

When asked which brands could a be a direct competition to Zoya, he explained that Zoya was  an extremely unique proposition of Titan. “Zoya is a jewel in the crown of Titan,” he said. On Titan’s jewellery segment pyramid, Zoya caters to a niche segment of customers. Tata’s Titan has Tanishq, Mia and Caratlane too under its umbrella.

Published on June 29, 2022
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