CK Venkataraman Titan’s luxury jewellery brand , Zoya , is expected to grow in the range of 40%-50% every year, on the back of growing demand for luxury products in the country, according to CK Venkataraman , managing director of Titan Company. Speaking to TOI after inaugurating a Zoya store in Chennai, he said the brand will add five more stores this year and plans three to five stores every year. However, he added that the stores would not be in more than 10 cities.
Currently, it has 11 stores in the country. “The luxury market is waiting to be tapped into. A lot of people are wealthy and moving into a spending mode as opposed to a saving mode.
People are willing to spend extra for design, for quality, for experiences, and that is the opportunity that Zoya is tapping into,” he said. Venkataraman ruled out the expansion of dedicated stores in international markets at the moment but said Zoya is already exhibited at Tanishq’s stores in places like New Jersey and Houston in the US. CK Venkataraman said Titan’s brands will bring out differentiated products in the smartwatch segment in a year, which combines fashion and technology at affordable price points.
“We are not at all playing in the commodity space. We are playing in a differentiated space,” he said. Talking about the evolution of the smartwatch markets, he said, “A lot of commoditisation continues to happen from many of the players, especially those who are not wanting to become an expert in any category that they operate in.
We would like to become an expert in every category and through that expertise, build our business, build our competitive advantage, build our profit potential on that...
The brands of Titan, like Titan and Fastrack, give us the foundation to reach deep, deep into markets where other brands are not that well known, especially for quality.” He added the company has done a lot of product innovation in the past five years and its product, environment, and pricing will compete with other international brands..
