Aditya Birla Group is all set to enter the branded jewelry retail business with an investment of Rs 5,000 crore. With the capital, Aditya Birla Group will build large format exclusive retail stores across India. Before foraying into retail jewelry, the group had already set foot in paints and B2B e-commerce for building materials.
This new venture will run under the name ‘Novel Jewels Ltd’. This new retail jewelry venture aims to enhance and redefine customer experience through unique design-led, bespoke, and high-quality jewelry, keeping the regional touch intact.
A newly recruited leadership team with retail and category experience will oversee the entire operations of this jewelry retail business. Aditya Birla Group Chairman Kumar Mangalam Birla said: “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.”
He added: “With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewelry. This venture will capitalize on Aditya Birla Group’s deep expertise in lifestyle retail and nuanced understanding of consumer preferences”.
Tata Group’s Tanishq and Reliance Jewels are already the two big names that Aditya Birla Group has to compete with.
Market Size: The jewelry market in India could grow to a $90 billion market by 2025, as per the data shared by the company. India’s gems and jewelry market add about 7 percent to the country’s GDP.
Aditya Birla Group’s portfolio already includes metals, pulp and fiber, cement, chemicals, textiles, carbon black, financial services, fashion retail, renewable energy, and trading, to which jewelry retail is a new addition.