Titan’s high-end jewellery line, Zoya, is considering growth. It intends to increase the number of galleries and upscale boutiques by roughly 4-5 by the end of the year. By the start of the next year, the brand hopes to be present in the top nine Indian cities. As of July 2022, Zoya had six galleries in Ahmedabad, Kolkata, and Chennai in addition to five boutiques each in Bengaluru, Mumbai, Delhi, and Gurugram.
In FY22, CaratLane added 31 stores, Tanishq debuted 36 stores, Mia by Tanishq opened 10 stores, and Zoya added one. The other jewellery brands owned by Titan, Tanishq, CaratLane, and Mia by Tanishq, cater to particular markets. While CaratLane offers modern jewellery at reasonable pricing, Mia by Tanishq specializes in contemporary jewellery. Titan’s primary designer jewellery line is called Tanishq. Luxury Diamond and precious stone jewellery are the company’s main focus. Zoya is a well-travelled woman, has accomplished much in life, and has reached a point where they are discovering their creative and feminine selves, according to Ajoy Chawla, CEO of Titan’s jewellery division.
The company has observed a trend where clients are looking for meaningful jewellery as a result of the pandemic. Zoya’s emphasis is on producing wearable art that has meaning for its audience. According to Chawla, what sets Zoya apart from the majority of Western luxury brands is that it places equal emphasis on warmth and inclusivity as it does on indulgence. Considering that Zoya is a brand that targets high net worth people (HNIs) and ultra HNIs, it competes not just with other luxury jewellery businesses but also with designers who place a great value on customization and offering individualized experiences. According to Chawla, India’s jewellery market has always been disorganized and fragmented. “The designers (individually) are working on their pieces and communicating with their clientele.
However, the country is home to thousands upon thousands of HNIs. Therefore, the brand doesn’t have to worry about who we are pursuing or who our rivals are after. Chawla elaborates on the market’s competitive environment by claiming that there are numerous companies in India, such as family jewellers, who cater to a certain customer. Although Zoya strives to have a strong online presence, social media is extremely turbulent and frequently attracts opposing viewpoints. Chawla explains that social media platforms offer a wide range of viewpoints in regards to how the company views its social media marketing approach. These are frequently unidentified entities. They may use strong language, which can cause polarisation in the way that people respond. Complete internet purchases are incredibly uncommon, according to Chawla, in the luxury jewellery market.
This is due to the expensive ticket prices and the fact that luxury is not an impulsive purchase category. Before making a purchase, a customer would ideally spend a significant amount of time in the store, engage with the personnel, and physically try on the items.
Follow and connect with us on Facebook, LinkedIn & Twitter.
