MUMBAI: The Aditya Birla Group is making an investment of around Rs 5,000 crore to foray into the branded jewellery retail business. The group has announced this business will be housed in a new venture called Novel Jewels, that will build large-format exclusive jewellery retail stores across India, with in-house brands.
This is the group’s third major foray into a new business in the last two years after paints, and B2B e-commerce for building materials.
As the pulp and fibre-to-financial services group seeks to create a national brand, it will compete with existing established players like Tanishq from the house of Tata. Other existing companies include Kalyan Jewellers and Joyalukkas. Aditya Birla Group chairman Kumar Mangalam Birla said, “This foray is a strategic port folio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape. ”
The branded jewellery retail venture will be operated by a newly recruited leadership team with deep retail and category expertise. India’s gems and jewellery market contributes approximately 7% to the GDP.
This is the group’s third major foray into a new business in the last two years after paints, and B2B e-commerce for building materials.
As the pulp and fibre-to-financial services group seeks to create a national brand, it will compete with existing established players like Tanishq from the house of Tata. Other existing companies include Kalyan Jewellers and Joyalukkas. Aditya Birla Group chairman Kumar Mangalam Birla said, “This foray is a strategic port folio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape. ”
The branded jewellery retail venture will be operated by a newly recruited leadership team with deep retail and category expertise. India’s gems and jewellery market contributes approximately 7% to the GDP.
