India is already the world’s second-biggest market for gold used in jewelry, and demand is unlikely to waver with a report by Knight Frank showing the number of ultra-high net worth people with assets of $30 million or more growing 11% in 2021 from a year earlier. That figure is expected to jump by about 39% in 2026, while individuals with wealth of at least $1 million is forecast to surge by about 77% during the five-year period, it said.
Titan is also aiming to ramp up overseas expansion in Zoya in a bid to build a global luxury brand.
“We have forayed overseas with Tanishq in the Middle East and US recently and we will use that experience to plan a global move for Zoya,” Chawla said. “Ultimately, the plan is to create a global brand with an Indian soul.”
Chawla said he was optimistic of the potential of the Zoya brand to outperform the growth expected in Tanishq. Zoya has managed to lure in rich customers by curating experiences like romantic dinners at its sister company Indian Hotels Co.’s Taj Hotels Resorts and Palaces and providing bespoke jewelry by working with the design team and artisans.
Source: Bloomberg
