India’s expected surge of rich consumers is driving the jewelry unit of Indian conglomerate Tata Group to triple its Zoya-branded luxury stores by 2027.
“There is a lot of latent demand for luxury from India and high-net-worth individuals are going to explode,” Ajoy Chawla, chief executive officer of the jewelry division at Titan Co, said in an interview. “This is just the beginning for luxury.”
Titan, India’s biggest jeweler, gets about 90 percent of its revenue from the sale of jewelry and the rest from watches, eyewear and perfumes. It has four jewelry brands under its umbrella: flagship Tanishq, working women-focused Mia, online sales portal Caratlane and Zoya, which is aimed at rich customers.
Expanding the number of Zoya stores to 15 in the next five years would cost about 300 million rupees (US$3.64 million) per boutique, Chawla said.
The company also plans to add Zoya galleries within select Tanishq stores, aiming to more than double those to as many as 15 by the end of next year, he said.
Revenue at the brand has climbed as much as five times from sales figures before the COVID-19 pandemic, and the company expects this “aggressive pace” of growth to continue, he said.
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 US$30 million or more growing 11 percent last year from a year earlier.
That figure is expected to jump by about 39 percent in 2026, while individuals with wealth of at least US$1 million are forecast to surge by about 77 percent during the five-year period, the report 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.”
CONSIDERATIONS: The NSTC instructed the park to assist laid-off workers and urge companies to use furlough programs to ease the effects of falling demand Firms in the Hsinchu Science Park (新竹科學園區), which houses major tech companies, reported laying off 496 employees last month amid weakened global demand, Hsinchu Science Park Bureau director-general Wayne Wang (王永壯) said yesterday. Wang told a news conference that 48 companies in the science park laid off employees last month, including one hard disk supplier which let go 241 employees as part of a plant closure due to falling demand. Other companies reported sporadic layoffs as they adjusted to weakening demand, he said. Wang made the remarks after local media reported the layoffs over the weekend. Although the global economy is struggling with high
DEJA VU: Echoing the probe into real-estate giant Evergrande Group, the bank is under Beijing police scrutiny after last week, telling investors it is ‘severely insolvent’ Chinese authorities said they recently opened criminal investigations into Zhongzhi Enterprise Group Co’s (中植企業) money management business, days after the embattled shadow banking giant revealed a shortfall of US$36.4 billion in its balance sheet. Police in Beijing said in a statement on WeChat that they took “criminal mandatory measures” against multiple suspects, identifying one by their last name, Xie (解). They urged investors to report cases or provide leads to the authorities, including filing complaints online. Xie Zhikun (解直錕), the group’s founder, died in 2021, but several of his relatives are executives at the company. The statement did not elaborate on what
German Chancellor Olaf Scholz and German Minister for Economic Affairs and Climate Action Robert Habeck have promised to solve investment subsidy issues for Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Intel Corp, despite the country’s budget woes. Uncertainty over the funding to TSMC and Intel has arisen after a ruling by the German Federal Constitutional Court, which cast doubt over subsidies for construction of local semiconductor chip plants. On Nov. 15, the court ruled that the German government’s decision last year to reallocate 60 billion euros (US$65.74 billion) of unused funding from COVID-19 pandemic support measures to its Climate and Transformation Fund
NEW TREAD: The Taiwanese shoe brand paired with TSMC to turn silicon waste into a circular economy good, following its success making shoes from coffee grounds Ccilu International Inc (馳綠國際), a Taiwan-based footwear brand, has become the first company in the world to turn silicon waste from contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) into eco-friendly shoes. Last year, the global footwear industry saw the first pair of pressure-relief slippers made from recycled silicon waste by Ccilu. The brand continued to unveil follow-up collections, including sports shoes and massage slippers made from the same materials. In an interview with CNA, Ccilu CEO Wilson Hsu (許佳鳴) recalled the company’s innovation of the first pair of slippers made from silicon waste after its silicon waste treatment partner, Semisils Applied Materials