Our artisanal pieces and boutique experience enhance the luxury experience we offer: Titan's Ajoy Chawla

Ajoy Chawla, CEO, Jewellery Division, Titan Company Limited. Image: Mexy Xavier
On the occasion of its 15th anniversary, Zoya—a luxury brand of jewellery from the 150-year-old House of Tata—opened its 10th store in the country at Brady House in Mumbai in June. 

Known for its handcrafted jewellery pieces that blend traditional Indian craftsmanship with modern designs, the brand offers a wide range of jewellery featuring diamonds, rubies, emeralds and sapphires, and most pieces are set in 18K or 22K gold, occasionally in platinum and gold bi metal.

With a strong online presence and physical stores across India, Zoya is popular among Indian celebrities and fashion enthusiasts.

As the HNI population of India continues to grow to a projected 16.5 lakh by 2027, the jewellery industry grows in increasing prominence and interest.

In an email interaction with Forbes India Ajoy Chawla, CEO, jewellery division of Titan Company Limited, discussed the luxury segment, what differentiates Zoya from other brands, and the leveraging of a multi-brand portfolio. Edited excerpts:

Q. You have had a 32-year association with Titan across all the categories (watches, jewellery, perfumes, sarees, and eyewear). Which role have you enjoyed the most?
Each role and category has brought with it rich learning and deep fulfilment providing me with a wide perspective. It has also enabled a 360-degree view of different value chains. Watches was about a precision engineered product and a portfolio of brands-led play; Eyewear and Fragrances was about fashion and lifestyle while Sarees and Jewellery are about artisanship, retail and regional sensibilities.

The Jewellery category encompasses a huge ecosystem with so many nuances that I am still discovering, learning from many industry experts. It is a very dynamic sector witnessing several shifts. However, I am eternally grateful for the opportunity to play a role in conceiving the Saree business (Taneira) that required a fresh take on a 5000-year-old category with deep cultural roots.

Q.      You have been the CEO of Titan’s jewellery division for close to five years. As per media reports, the company's market share in the jewellery category has nearly doubled in the same period. What can this increase be attributed to?
The doubling of the Jewellery division’s market share can be attributed to several strategic initiatives and key growth levers: Retail expansion; a thrust on digital and omni capabilities; focus on high value categories where our market share was low; deep regionalisation to win in markets where we were weak; leveraging a multi-brand portfolio play catering to different customer segments and above all some bold bets in inventory, retail formats and certain categories to invest in growth.

We have also dialled up on contemporary jewellery designs that appealed to a broad range of consumers and strengthened our brand narratives across each brand, appealing to the contemporary woman who is evolving at a rapid pace. This has been supplemented with celebrity endorsements, designer collaborations and partnering with experts. Further, we have strengthened our customer experience and relationships through reimagined loyalty programmes and personalised services.

Q. What are some of your key leadership mantras?
I have come to realise that a good leader needs to have some key qualities in whichever role / category (s)he is in. You have to have curiosity, to learn and innovate, particularly bringing an outside-in perspective that enables in building a wider world view. One has to have clarity, on vision, ambition, strategy, and a sense of timing—when is the time ripe for making a shift, or sharpening focus on the top 3-4 initiatives, building alignment within the wider organisation.

Besides it’s essential to have energy that creates bandwidth, inspires people, and connects with multiple stakeholders. And humility, to know that not all answers may lie within or to realise when it is time to accept that a strategy has been wrong. This quality is also important to influence and connect with stakeholders and the team with authenticity.

Q. How has the Indian retail sector transformed over all these years?
India's retail sector has seen significant transformation. The growth of e-commerce and modern retail formats and the integration of online and offline shopping have transformed shopping habits. Technological advancements and digital payment methods have streamlined transactions and have improved inventory and customer management while government policies like GST have unified the market, impacting pricing and supply chain efficiency. These changes have collectively modernised India's retail landscape, making it more dynamic and consumer-friendly.

Also read: How Joy Alukkas became India's richest jeweller

Q. Speaking specifically of Zoya, how have the brand, product offering, and customer experience evolved from its first to the tenth store?
When we launched Zoya 15 years ago, our vision was to redefine the experience of fine jewellery in India. We aimed to create meaningful pieces that celebrate our muse in her most authentic form, while showcasing India’s rich heritage of jewellery craftsmanship. Our mission was also to offer a luxury experience that embodies India's warmth and hospitality, like the Taj, another iconic brand from the House of Tatas.

Over the years, we have honed this focus through sophisticated and impeccable product artisanship and developed a distinctive design language featuring patented stone cuts, and unique design settings.

Zoya's boutiques are designed like art galleries, with lush, feminine interiors. We pay meticulous attention to providing an immersive customer experience within Zoya’s brand world. From gourmet coffee and hors d'oeuvres to private viewing areas and appointments with our master designers, every detail is crafted to encourage customers to enjoy indulgent ‘me-time’ while exploring their love for fine jewellery.

Inspired by the architecture of India’s ancient stepwells, Zoya's patented “baoli setting”, has been honoured with several awards including, I Mark, India Design Excellence Award, BW Future of Design, and Tata Innovista Design Honour Award

Q. As the HNI population of India grows, are you optimistic about the luxury segment in the coming years?
The luxury market is poised for significant growth over an extended period; it's estimated to be around $7.5 to $8 billion, with jewellery and watches comprising about one-third of this market. This segment is projected to grow at a rate of 20 to 30 percent in rupee terms, driven by the rise of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). So yes, we are optimistic. This milestone indicates a readiness for the luxury market to expand.

Post-Covid, we've observed some shifts in consumer behaviour, particularly among luxury buyers across various categories. A noticeable trend is the ‘live for today’ mindset; uncertain about what tomorrow might bring, people are increasingly eager to fulfil their dreams and desires now, be it travel, jewellery, or branded items. This attitudinal shift is driving the current surge in luxury spending.

We are also seeing the emergence of a new and confident Indian who is driven not merely by the allure of the international labels but also has a refined sense of quality and aesthetic willing to appreciate homegrown luxury labels as well. 

Q. How does Zoya compare with domestic competition and international majors like Cartier and Bulgari?
Zoya stands as the leader in the domestic luxury jewellery market, surpassing both local competitors and international majors in terms of revenue and footprint. With 10 stores and several galleries spread across 9 cities, we are proud that today Zoya boasts the greatest reach among luxury jewellery brands in India. In terms of growth, Zoya has experienced an impressive CAGR of 40 percent over the past four years, bringing our revenue close to 300 crore, which will increase further with the addition of at least 5 more stores this year—15 stores in 15 years.

Zoya stands unparalleled and any comparison with international brands is pointless—each luxury brand stands for something unique and acts like a lighthouse attracting its clients with its rare appeal. So even while we benchmark ourselves with the best luxury labels in the world, we pursue our own path.

Q. How do you approach a Zoya customer differently?
Zoya is a luxury brand and from that perspective, clienteling or customer experience and relationship is very important. We regularly create unique and memorable and enjoyable experiences for our customers by blending the Zoya experience with art, theatre, and music. These events are carefully curated to resonate with our brand's ethos and to offer our customers an engaging and culturally enriching experience.

For our loyal customers, we focus on providing highly personalised experiences. This includes private viewings, bespoke services, and exclusive previews of new collections. We might delight a customer by calling for and serving her favourite Starbucks brew as she views our jewellery at her house, bringing the Zoya experience to her couch, or arrange an anniversary getaway for a client to a destination of their choice providing an unforgettable memory of receiving her Zoya. Our team goes above and beyond to ensure that each customer feels valued and receives a service tailored to their preferences and tastes.

Q. What is the key differentiator for Zoya? Is there a distinctive brand identifier?
At Zoya, we aim to build an Indian perspective of luxury. As an Indian brand with a global reach, we draw inspiration from Indian culture and heritage, and focus on creating an inclusive experience of luxury that is distinctly Indian, moving away from a distant and exclusive westernised view of luxury.

Zoya is about crafting meaningful products that celebrate a woman's connection to her most authentic self. The name Zoya means ‘alive’, reflecting the essence of our brand—when a woman connects with her true self, she feels most alive. Each product celebrates this connection. 

Our jewellery and boutiques are both artistic and artisanal, handcrafted with meticulous care, making them exquisite and unique. The artisanal nature of our pieces, combined with the thoughtfully designed boutique experience, enhances the overall luxury experience we offer.

Q. How does the brand ensure that the diamonds and precious stones used in Zoya jewellery are ethically sourced? What are the parameters every stone must pass through?
Sourced ethically from the best mines in the world, only the most brilliant diamonds and precious stones reach the hands of Zoya’s master craftsmen. Their journey to the atelier must pass through Zoya’s scrupulous parameters set by the in-house experts. Once meticulously checked and authenticated, each individually certified stone is optimally cut and painstakingly wrought in delicate metal. Every stone carries a promise of quality, reiterated by Zoya’s guarantee that buys back at the current value of every jewel.

Q. What is Titan's differentiator in a crowded market?
The Jewellery division of Titan encompasses iconic brands like Zoya, Tanishq, Rivaah (wedding jewellery), Mia, Caratlane, each of which is differentiated and appealing to a different mindset, with distinct product design language. This portfolio play is one big differentiator. Design leadership and depth in product development is a large pillar for each one of our brands. The other big pillar is our deep customer connection and the trust of Tata and Titan. Further, our commitment to authentic partnering with the jewellery vendor ecosystem; our transformative approach to ensuring a dignified workplace for kaarigars and an ethical supply chain of gold or precious stones is an industry first. These aspects distinguish our brands very sharply from the crowded and a significantly unorganised market.

Q. India's jewellery market has brands strong in regions and with communities, like for instance Kalyan, Malabar and Joyalukkas in the south. What is Titan's strategy to attract this slice of the market?
We have taken up a 360-degree approach for select markets, particularly in the South spanning specific product collections; customised merchandising strategy’ pricing interventions; retail expansion and enhanced, impactful presence; brand narrative and customer connect initiatives. These are synthesised into 3-4 year strategic market-linked programmes which involve cross-functional teams, substantial investments all of which leading to an integrated game plan. We have seen remarkable responses to these programmes. The most essential element is leaders’ sponsorship of these programmes with continuous learning and course corrections based on market response.

Q. Can you tell us about the brand’s omnichannel journey? What percentage of the sale is done online?
Consumer engagement at Zoya is deeply rooted in human connection rather than just technology. We excel in creating personalised, one-on-one interactions that make every customer feel special. This personalised approach distinguishes us from the rest. While technology plays a role, particularly in digital discovery, our strength lies in blending this with human engagement. Customers often discover us through our digital assets—our website and app—before visiting the store. We have refined our response process and how we manage clienteling online to one of the sharpest in the industry with quick response times by jewellery advisory teams closest to the location of the enquiry. Approximately 45 percent of our business at Zoya begins with a digital exploration that leads to a physical purchase in-store. This omnichannel approach, combining digital discovery with personal interaction, is crucial for us, and the mix varies depending on the customer segment. 

Q. Is there a degree of scepticism involved in investing in high-value products online? How does the brand address it? Also, how do you provide an in-store experience online?
For a product like Zoya, the online sales volume is very small. Most of the journeys commence online and thereafter seamlessly move to an in-store conversation with physical products and interactions.

Q. How is the brand employing and optimising the use of technology? Where do AI and ML fit into the larger picture?
We employ and optimise technology in several key areas mainly to enhance our operations. One of the primary uses of technology and machine learning (ML) is in training our frontline staff. ML helps our staff memorise product details and information efficiently, ensuring they are well-equipped to assist customers with accurate and up-to-date knowledge. This technology also plays a crucial role in managing client relationships, allowing us to maintain a personalised and responsive approach to customer service. Artificial intelligence (AI) is piloted to build engagement on social media for now.

Q. Where do you see the retail sector (jewellery segment in particular) going in the next five years?
The Jewellery retail sector is amongst the most vibrant ones in India. We will see the top 100 towns in India witnessing significant expansion from existing and new players. Luxury brands will start seeing a meaningful presence beyond Mumbai / Delhi to cover the top 15 –20 towns given the rising aspiration of a confident, well-travelled and exposed Indian consumer. Modern segments catered to by Mia and Caratlane will see relevance in top 150-200 towns as well. Tanishq itself is targeting to go from 265+ towns to 300-325 towns over the next five years. That will trigger most organised players to also follow suit and thereby building category salience in the many towns and catchments in the country. Overall, we expect to see a lot of heat in this sector.