Titan Company expects to see a compound annual growth rate of 50% for its fine jewellery brand Zoya, seeing significant opportunities for growth. The business also aims to increase its India brick-and-mortar store count to 15 this calendar year.
“In the next five to 10 years, there will be an explosion of luxury opportunities and Zoya is well placed to capitalise on that,” said Titan Company’s managing director CK Venkatraman, ET Retail reported. “We have reached a point where it can be scaled up, however, scaling up will be measured because the Indian luxury market is not that large for us to open so many stores.”
Titan Company plans to open between three and five stores for Zoya each year, according to Venkatraman. The business sees exclusive brand outlets as a good way to communicate Zoya’s brand identity to shoppers and make lasting connections. The brand also plans to keep store sizes small in order to create a cozy and intimate atmosphere for shoppers.
“We have seen an explosive demand for Tanishq coming from Tier 2 cities and beyond, but luxury is still a new habit for Indians,” said Venkatraman. “So, these cities are still not viable for Zoya to open the stores there. However, we plan to create a demand for brands like Zoya in Tier 2 cities and beyond over the next few years, but those demands will be fulfilled by the nearby metro and Tier 1 cities or through omni-channel as consumers have opened up to buy items online.”
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