ZOYA, THE LUXURY JEWELRY BRAND FROM TATA’S TITAN COMPANY, TO EXPAND WITH 7-10 NEW STORES ACROSS INDIA & PLANS 5X GROWTH IN NEXT 5 YEARS

10th March 2023

Zoya, a high-end jewellery brand from the house of Tata Group, is preparing to increase its presence in India by opening 7 to 10 new stores within the next 5 years. Mr. CK Venkataraman, the Managing Director of Titan Company Limited, which is the parent company of Zoya, announced that the brand is expecting significant growth and plans to expand its customer base by 5 times in the next 5 years

Zoya, a high-end jewelry brand from the house of Tata Group, is preparing to increase its presence in India by opening 7 to 10 new stores within the next 5 years. Mr. CK Venkataraman, the Managing Director of Titan Company Limited, which is the parent company of Zoya, announced that the brand is expecting significant growth and plans to expand its customer base by 5 times in the next 5 years. Currently, Zoya has 6 standalone stores, but aims to open 7-10 additional stores during the same period.

Mr. CK Venkataraman said “The opportunity for Zoya is very strong because by all accounts there is going to be an explosion in the number of elite homes which are in the high-income bracket in the country. These people have discerning tastes, they have travelled extensively and are more appreciative of the kind of stuff we make and the kind of experience we deliver through Zoya.”

Zoya has standalone boutiques in Mumbai, Bengaluru, and Delhi, as well as 7 galleries, or shop-in-shops, in existing Tanishq stores in cities such as Mumbai, Ahmedabad, Kolkata, Chennai, and Chandigarh. While a standalone boutique requires an investment of around Rs 40 crore, a gallery costs Rs 16 crore. Mr. Venkataraman believes that the experience of Zoya is better delivered in a standalone store. However, the opportunity to showcase Zoya to the top-end Tanishq buyer is also present, hence the galleries, he points out.

Mr. Venkataraman also said that they are considering international expansion. Currently, Zoya has a presence in the Tanishq New Jersey store. “We are looking at a bigger presence in our Houston Tanishq store in the next three months. It will not take the form of a gallery outside India because those stores are smaller. In India, Zoya galleries are a part of our very large Tanishq stores,” Mr. Venkataraman explains.

Zoya’s unique selling point is the quality of gems and workmanship that goes into every piece. A Zoya piece can take up to 9 months to produce. Venkataraman explains, “The quality of materials that go into it, the extent of finishing and craftsmanship, the effort and time put in to finish each piece is much longer and the result is a very fine product. The quality of the finish is the highest standards of global jewellery making.”

Although there is demand for Zoya products in Tier-2 and Tier-3 towns, Mr. Venkataraman says customers prefer to come and purchase from the nearest Zoya store. “There is a lot of demand for Zoya in smaller towns and cities but, as is the case with most luxury shopping, people travel to big cities for their purchases, for the whole experience,” he says.

Despite online discovery, the actual purchase of high-end products like Zoya’s jewellery happens in-store. “The sheer joy of shopping is missing online. Shopping is an event in our lives, we prepare for it, dress up for it. So why should we give up on that and just click a phone button? For example, buying a Rs 1 lakh phone online which you have already seen with someone else, and are aware of its features etc., you can order it online. But a Rs 1 lakh pendant or earring is not the same. You would like to try it on. So, the offline experience is very important, especially for products of beauty, jewellery, etc.,” says Mr. Venkatraman.

Mr. Venkataraman is also of the opinion that even Titan’s other brand Caratlane, which started as an online brand, is setting up stores at an explosive pace. “It is now an omnichannel player with retail stores at the heart of it. It is no longer a pure online player. Online is fine for small ticket items,” he says.