Aditya Birla Group is set to launch separate business venture for branded jewelleries to take on Tata Group’s Tanishq, two executives aware of the plans told The Economic Times.
The venture will reportedly involve AB Group setting up large-format exclusive jewellery retail stores, launching in-house jewellery brands across daily-wear and premium price points, and tie-up with mid-sized jewellers.
“The group has allocated a huge investment of Rs 4,500-5,000 crore for the venture and is in the process of finalising a leadership team for the business,” according to an executive.
The ambitious venture is reportedly being directly overseen by group chairman Kumar Mangalam Birla and will be independent of Aditya Birla Fashion and Retail’s (ABFRL) business.
The $60 billion retail, textiles and cement conglomerate’s flagship companies include Grasim Industries, Hindalco, Aditya Birla Fashion and Retail and Aditya Birla Capital among others.
While the jewellery business remains largely unorganised in India, large jewellery players like Kalyan Jewellers, Joyalukkas Group and Malabar Gold & Diamonds have all reported strong revival of demand for jewellery, amid positive consumer sentiment after two years of the pandemic.
Courtesy: Moneycontrol
