Zoya, the diamond boutique from the House of Tata, aims to grow at a CAGR of 30 per cent over the next 3 years, Ajoy Chawla, CEO – jewellery division, Titan told ETRetail.
The brand, which has recently opened its 10th boutique store in Mumbai, has been growing at 40 per cent for the last four years.
“Zoya is built slowly, steadily, and thoughtfully and there is a huge headroom for luxury brands to grow here in India. By the end of this financial year, we are planning to open 5 more boutique stores, and in the next 3-4 years, we are eyeing to take the total store count to 20,” he asserted.
The brand currently has a presence in top 10-12 towns of the country.
At present, the brand has 10 boutiques in cities like Mumbai, Delhi, Bengaluru, Hyderabad, Ahmedabad, and Pune, and 7 galleries in Tanishq stores in cities like Mumbai, Ahmedabad, Kolkata, Chennai, and Chandigarh. It has also entered international markets with a few stores in North America.
“Our store size generally varies between 3,500-5,000 sq.ft and we prefer to open the stores either in a heritage building or some other unique spaces as it allows us to create a very immersive journey or navigation inside the store,” he asserted.
At present, luxury jewellery comprises less than 4 per cent of the overall jewellery market, and the share of Zoya stands at less than 1 per cent in the overall jewellery business of Titan.
“Over the next 3 years, we aim to take Zoya’s share up to 2.5 per cent ,” he asserted.
The brand, which closed the last fiscal little shy of Rs 300 crore is eying to hit the Rs 1,000 crore mark over the next 4-5 years.
