The company will invest Rs 5,000 crore to set up large-format exclusive jewellery retail stores with in-house jewellery brands across the country
The Aditya Birla Group has announced its foray into the branded jewellery retail business with an investment of Rs 5,000 crore. The company said that this business will be housed in a new venture, ‘Novel Jewels Ltd’, engaged in building large-format jewellery retail stores across India, with in-house jewellery brands.
“This foray is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape. With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewellery,” said Kumar Mangalam Birla, Chairman, Aditya Birla Group.
The branded jewellery retail venture will be operated by a newly recruited leadership team having retail and category expertise.Novel Jewels will seek to transform the customer experience by creating a national brand with unique designs and a strong regional flavour, the brand claimed.
Recently, Aditya Birla Ventures, the venture capital arm of the Group, co-led a fund raise in silver jewellery-focused startup GIVA and raised Series B funding. Overall, this is the group’s third major foray into a new business in the last two years after paints, and business-to-business (B2B) e-commerce for building materials.
Courtesy: The Economic Times
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