“The pace at which Mia is growing, especially in the last two or three years, is like 60-70 stores a year, and even this year, we are aiming for 75,” Ajoy Chawla, CEO, jewellery division, Titan Ltd, said in an interview.
Mia is currently Titan’s fastest-growing brand in both volume and value within its jewellery division, which includes Tanisq, Caratlane and Zoya.
In FY25, Mia crossed the ₹1,000 crore turnover mark, registering a 37% top-line growth led by network expansion and marketing campaigns. The brand ended FY25 with 240 standalone stores across 93 towns.
“How many stores will we finally open? We’ll see. Last year, we opened 69 stores. In the last six years, the retail footprint has also grown very sharply from 45 to about 240 standalone stores,” Chawla added.
Mia’s expansion taps into a broader market trend—customers opting for lower-karat gold amid a record increase in gold prices. From May 2019 to June 2025, prices of the yellow metal have skyrocketed from ₹30,000 to over ₹100,000 per 10 grams, according to a recent report by brokerage firm Motilal Oswal Financial Services Ltd.
On Friday, prices eased slightly to ₹98,242.38 for 22K gold. Prices for 14-karat gold were around ₹58,910 for 10 grams.
Several other brands, such as Kalyan Jewellers and Bluestone have introduced 14 karat gold jewellery; CaratLane recently introduced 9 karat gold pieces to cash in on the demand for lightweight jewellery.
“The customer is still digesting this surge in gold prices is my reading and we are seeing this in gold–specially gold jewellery. Customers are in a little and watch mode at this time,” Chawla said.
“When there is a need, like weddings, festivals etc., they will come. Customers will wait and see how it stabilizes and then come. We are seeing the desire for lower karat gold to meet their budgets. We are also working on this,” he said.
Targeting young buyers
Launched as a workwear jewellery offering within Tanishq, Mia now appeals to a younger, fashion-conscious shopper seeking daily-wear pieces or gifts.
Though it has a presence in over 300 Tanishq stores, the two brands cater to a different set of consumers with the former appealing to wedding shoppers and those looking to buy gold sets or more ornate jewellery in 22 karat gold
For instance, a ring at Mia can start as low as ₹7,700 and go up to ₹50,000; a simple 22 karat gold ring at Tanishq will cost ₹22,000 and above.
“In the last six years Mia has really grown in stature—last year it crossed the ₹1,000 crore mark. We have also consciously nurtured it as a brand and invested much more; we saw the potential. In the last five years, we’ve been aggressive on it, and we will continue to grow aggressively, ” Chawla said.
In FY25, Titan Company’s jewellery division posted revenues of ₹46,571 crore (excluding the sale of bullion), reflecting a 21% jump in yearly revenues. Tanishq accounted for a bulk of the sales. Overall, the company reported ₹54,842 crore in revenue from operations (standalone) for the full year, up 16% year-on-year.
Titan sells jewellery (Tanishq), watches, eyecare products, fragrances, accessories and Indian dress wear (Taneira) and women’s bags.
Approximately one-third of Mia’s sales currently originate from its presence within Tanishq stores, with the remainder coming from dedicated Mia stores and online retail.
Growth is led by both new customers to the brand and new customers of the category of gold and studded jewellery.
Meanwhile, Chawla acknowledged the impact of high gold prices on the broader consumer sentiment. In its June quarter update filed with the exchanges earlier this month, the company said its domestic jewellery business grew 17% year-on-year. The quarter was marked by gold price volatility that impacted consumer sentiment.
From May to mid-June, customer growth remained flat, with shoppers opting for lightweight and lower-karat pieces.
“We are seeing the desire for lower karat gold to meet their budgets. We are also working on this,” Chawla said.
Key Takeaways
- Titan’s Mia brand is expanding rapidly to meet the demand for affordable, lightweight jewellery.
- The rise in gold prices has shifted consumer preferences towards lower-karat gold options.
- Mia aims to attract younger consumers looking for daily-wear jewellery, distinguishing itself from traditional brands.
