Zoya lays out expansion plan targeting 20 luxury jewellery stores in the next 3-4 years

Ajoy Chawla, CEO of Titan’s jewellery division, said Zoya plans to expand cautiously, aiming to add 2-3 stores annually

Mumbai: Zoya, the luxury jewellery brand from Titan, is targeting a significant expansion, aiming to open 20 new stores over the next three to four years. Zoya has largely focused its growth outside Mumbai and Delhi in the past few years, with notable expansion starting around 2020, when it entered the Bengaluru market.

Ajoy Chawla, CEO of Titan’s jewellery division, shared the brand’s strategic vision during the launch of a new Zoya boutique in Kolkata, marking the brand’s entry into East India. He explained that in the past three years, Zoya has moved beyond the top three cities and plans to continue expanding into key urban areas, though not aggressively. “We may add two or three stores a year, and additional stores will depend on the emergence of new luxury destinations,” he said at the launch event.

As Zoya looks to grow, the brand has set ambitious revenue goals. “This year, we aim to close at Rs 400 crore, and in four years, we expect to reach Rs 800-900 crore,” Chawla added.

Chawla also highlighted the growing premiumization of India’s consumer market, driven by a K-shaped recovery, higher per capita income, and an affluent consumer base seeking to make the most of their wealth. He expects the high-net-worth individual (HNI) segment to double in the next four years.

Despite weak overall consumption demand in India, Chawla noted that the jewellery sector is not experiencing the same slowdown. “While urban middle-class markets are facing some slowdown, we aren’t seeing it in jewellery because we cater to a more affluent customer base,” he told The Hindu Businessline.

Zoya Jewellery opens first store in East India at Shakespeare Sarani in Kolkata

Meanwhile, Zoya has opened its first store in East India, located in a heritage bungalow on Shakespeare Sarani in Kolkata. The store was inaugurated by Ajoy Chawla, and designer and author Twinkle Khanna.

Founded 15 years ago, Zoya has gained a reputation for creating fine jewellery that blends craftsmanship with artistic expression. The new Kolkata boutique marks a key step in the brand’s expansion, bringing its signature mix of design and luxurious experience to the city.

Currently, Zoya operates 12 exclusive boutiques in cities like Mumbai, Delhi, Ahmedabad, Bengaluru, Chennai, Kolkata, Pune, and Hyderabad, along with galleries in Mumbai, Ahmedabad, Kolkata, Chennai and Chandigarh.

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