India’s new rich fuel expansion for Tata’s jewelry arm
The jewelry unit of Indian conglomerate Tata Group plans to increase the number of its Zoya-branded stores by 2027 due to the country’s anticipated boom in rich consumers.
According to Ajoy Chawla, the head of Titan Co.’s jewelry section, “there is a lot of latent demand for luxury from India and high net-worth individuals are going to explode.” “Luxury is only getting started.”
The biggest jeweler in India, Titan, derives 90% of its income from the sale of jewelry and the remaining 10% from the sale of watches, eyeglasses, and fragrances. Under its umbrella, there are four jeweler brands: the company’s flagship Tanishq, the Mia brand, which targets working women, the Caratlane online portal, and the rich Zoya brand.
According to Chawla, it would cost roughly 300 million rupees ($3.64 million) per boutique to increase the number of Zoya boutiques to 15 over the next five years. Revenues at the brand have increased up to five times from pre-pandemic sales numbers, and the company anticipates that growth will continue at this “aggressive pace,” he said.
India is now the second-largest market in the world for gold used in jewelry, and demand is not expected to decline given that, according to Knight Frank research, the number of ultra-high net worth individuals with assets of at least $30 million would increase by 11% from 2021 to 2022. According to the report, that number is projected to increase by over 39% in 2026, and the number of people with at least $1 million in wealth is predicted to increase by roughly 77% during the same period.
India’s new rich fuel expansion for Tata’s jewelry arm
To establish a recognized luxury brand internationally, Titan also plans to accelerate its international expansion in Zoya.
