Aditya Birla Group forays into branded jewellery retail
Mumbai, 08th June, 2023: Aditya Birla Group is set to foray into the branded jewellery retail business with an investment of around Rs 5000 crore. This business will be housed in a new venture, “Novel Jewels Ltd”, that will build large-format exclusive jewellery retail stores across India, with in-house jewellery brands. The new venture will seek to transform the customer experience by creating an aspirational national brand with unique designs and a strong regional flavour. 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.
Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group said, “Aditya Birla Group’s foray into branded jewellery retail marks a pivotal moment in our storied legacy of building businesses underpinned on trust. 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. This venture will capitalise on Aditya Birla Group’s deep expertise in lifestyle retail and nuanced understanding of consumer preferences.”
The new 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. The jewellery market is projected to grow to ~USD 90 billion by 2025. Amidst this rapid growth, a steady transition from an unorganized to an organized sector is being observed. The Group’s timely entry is set to embellish this dynamic landscape, offering Indian consumers a diverse array of meticulously crafted and intricately designed jewellery.