Titan’s luxury jewellery brand ZOYA aims to reach ₹500 crore revenue in FY27. The brand currently has 14 stores and plans to open three more this year. CEO Arun Narayan said, "We are hoping to reach a very important landmark of ₹500 crore" for the luxury space in India.
ZOYA, Titan's luxury jewellery brand, aims to achieve revenue of ₹500 crore in FY27 after closing the previous financial year at ₹400 crore.
The 17-year-old luxury jewellery brand has a total of 14 stores and plans to close the year with 17 stores, Arun Narayan, chief executive officer, jewellery division, Titan Company, told Business Standard.
"We are hoping to reach a very important landmark of ₹500 crore not only ZOYA but also for the luxury space in India. If you include luxury brands and it need not necessarily be only jewellery, I think ₹500 crores is a very important landmark and a marker also for the evolution of luxury in India," he said.
He added that the brand had been growing at a healthy compound annual growth rate (CAGR) of over 30 per cent over the past three to five years.
"Our aim is to sustain that growth and we see a large opportunity in India. That's where the brand has seen a lot of love and what the brand stands for resonates with women in India. We started in the early days with boutiques in Mumbai and Delhi, and today we have a very wide presence between boutiques and galleries across the country," Narayan explained.
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Speaking about repeat customers, he said that a significant portion of ZOYA's business came from customers who kept returning to the brand for its new collections. Many new customers also discovered ZOYA because they resonated with what the brand stood for.
"That gives us the encouragement to do more, both in terms of adding new stores and new boutiques, but also in terms of adding new collections and new forms of jewellery that we bring," Narayan said.
Speaking about jewellery demand during the upcoming festive season, Narayan said the company was bullish about the period and was investing accordingly. "We are very optimistic about the festive season," he said.
Speaking about the luxury jewellery market in India, Narayan said the segment was growing at a healthy double-digit rate because it was still niche. The segment was growing at a double-digit rate not only in value terms but also in terms of customers, he added.
"Post COVID, the K-shaped recovery of the economy, the top 1 per cent of India who really are seeing a different phase of personal prosperity, and therefore looking for newer ways of expressing that, and that is leading to them seeking out different brands that hold a deeper meaning for them. It's a space which is growing very fast and across categories, not merely in jewellery," Narayan said.