Birla is venturing into the branded jewellery retail industry with a substantial investment of approximately ₹5,000 crores($605.631 million).
The group has unveiled its plans to establish a new enterprise called Novel Jewels, which will establish expansive exclusive jewellery retail stores throughout India, featuring in-house brands.
This marks the group’s third significant expansion into a new business sector within the past two years, following its entry into the paints and B2B e-commerce for building materials domains.
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In its pursuit of creating a nationwide brand, the diversified conglomerate will face competition from established players like Tanishq from the Tata Group, as well as Kalyan Jewellers and Joyalukkas.
Kumar Mangalam Birla, the Chairman of Aditya Birla Group, said the venture is a strategic portfolio decision aimed at capitalizing on new growth opportunities and expanding the group’s presence in the dynamic Indian consumer market.
The branded jewellery retail venture will be managed by a newly assembled leadership team, boasting extensive expertise in retail and the jewellery category.
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Notably, India’s gems and jewellery market contributes approximately seven percent to the country’s GDP.
