Image Credit: Financial Express
In a recent interview, CV Venkataraman, Managing Director of Titan, discussed the company’s strategy for its luxury jewellery segment, particularly its brand Zoya. Venkataraman highlighted the growing consumer desire for luxury items, predicting that this demand will only intensify in the coming years.
Zoya Strategically Positioned to Capitalize on Luxury Trend
Zoya, Titan’s luxury brand, is strategically positioned to capitalize on this trend. Venkataraman elaborated on how this sector’s trajectory is expected to evolve, foreseeing a significant boom in demand. He also discussed the opening of Zoya’s 11th boutique, its first in Chennai, emphasizing that luxury in India is coming of age.
Zoya’s Potential for Rapid Growth
Venkataraman shared insights on Zoya’s growth potential within Titan’s portfolio, predicting that Zoya could grow at double the rate of Tanishq over the next decade, given its unique position in the luxury space. Despite Zoya’s current smaller size compared to Tanishq, Venkataraman believes its future is bright.
Differentiation as a Key Strategy
One of the key strategies Titan employs is differentiation in every category it operates in, including the wearables category. Venkataraman expects to see a strengthening of this differentiation during the calendar year 2024 and the early parts of 2025. He mentioned that Titan plans to launch many new “fashtech” products, combining technology and fashion, in the smart wearables lineup in the next several months.
Tackling Competition and Pricing
When asked about the new competitor, Indriya by the Aditya Birla Group, in the retail jewellery market, Venkataraman stated that Titan is focused on its strategy and differentiation. He also discussed pricing, mentioning that Titan expects to see some strengthening of its differentiation during the calendar year 2024 and early parts of 2025.
Under CV Venkataraman’s leadership, Titan is well-positioned to capitalize on the growing demand for luxury jewellery in India. The company’s focus on differentiation, strategic expansion of its luxury brand Zoya, and innovative product pipeline positions it for continued success in the luxury jewellery segment.
