Titan plans store expansion for luxury brand ‘ Zoya’TITAN - 3429 Change: -13.10 (-0.38 %)
As per media reports, Titan is planning to triple the number of Zoya boutiques to 15 over the next five years (two stores per year) and expects to incur Rs 30 crore per boutique for the planned store expansion. It also plans to accelerate its international expansion in the Zoya format.
There is a lot of latent demand for luxury goods from India while number of high net-worth individuals are expected to increase rapidly over the next five years . As per a Knight Frank report, the number of ultra high net worth individuals with assets of $30 million or more increased 11% in 2021 from the previous year and is expected to increase by another 39% over the next five years. Revenues of the Zoya brand have increased up to five times from pre-pandemic sales numbers and growth is expected to continue at this aggressive pace. Titan's expansion of Zoya boutique will enable it to cater to the growing demand for luxury jewellery from increasing ultra rich high net worth individuals in India and provide a thrust to its revenues.