The store was unveiled by Noel Tata, Vice Chairman of Titan Company Ltd. and Ajoy Chawla, CEO of Titan’s Jewellery Division
New Delhi: Tata’s jewellery brand Zoya has opened its 10th store in India, the company announced on Wednesday.
The latest store is located at the Brady House, Kala Ghoda district located in Bombay. The store was unveiled on 18 June by Noel Tata, Vice Chairman of Titan Company Ltd. and Ajoy Chawla, CEO of Titan’s Jewellery Division.
“Luxury in India is coming of age,” said Noel Tata.
“Zoya from the House of Tata is a beautiful embodiment of a luxe brand born in India but relevant globally,” Tata added.
The boutique has open gallery spaces, private zones, private lounge with hand-brewed filter coffee for refreshment.
“Titan is India’s largest lifestyle company in the country. With Zoya, we wanted to create a luxury product that was as meaningful as it was beautiful. Over 15 years, the brand has created a niche for itself with a distinguished design language, with innovations like patented cuts and design, rare stone shapes while maintaining its celebration of Indian craft stories,” said Chawla.
“When it comes to luxury products you have to carefully consider many factors like location, size of boutique, neighbours etc. We are already present in 9 cities and will look to expand that footprint to cities we feel are ready for a luxury product like Zoya. In this fiscal year, where we celebrate 15 years, we will look to open 15 boutiques,” he added.
A Bain and Company report estimates that the luxury market will grow to 3.5 times its current size by 2030. Zoya has had a CAGR of around 40%, the CEO told IMAGES Group.
“We have doubled our customer base over the last three years and over the next two expect to grow it by 2.5 times,” he added.
Zoya is a luxury brand of fine jewellery, from the House of Tata. The brand has been operational for the past fifteen with ten boutiques in Mumbai, Delhi, Bengaluru, Hyderabad, Ahmedabad and Pune and Zoya galleries in Mumbai, Ahmedabad, Kolkata, Chennai, and Chandigarh. It offers its service through video-assisted jewellery advisory and home trials.
Titan company’s revenue for the fiscal year (FY) ending 31 March 2024 was Rs. 47,624 crore, with jewellery being the largest contributor at more than Rs. 42,000 crore. Titan’s jewellery division, including Tanishq, Zoya, CaratLane, and Mia by Tanishq saw a 20% increase in revenue to Rs 38,353 crore for the year.
“The revenue was just shy of Rs 300 crore last year, looking at exceeding Rs 1000 crore
in the next five years,” Chawla said speaking about Zoya’s revenue.
The company’s other businesses include watches, eyecare, Indian dresswear, fragrances, and fashion accessories. The ethnic wear, smart wearables, fragrances, and women’s bags business saw a 28% increase in revenue to Rs.378 crore.
–With inputs by Ishani Roy
