The Aditya Birla Group is all set to enter the branded jewellery retail business with an investment of 5,000 crore, competing with heavyweights like Titan Company and Kalyan Jewellers.
The group’s new venture, “Novel Jewels Limited,” will have large-scale exclusive jewellery retail stores across India along with in-house jewellery brands, the group said in a statement on Tuesday.
This is the third major venture of a new business group in the last two years, following B2B e-commerce for paints and building materials. Additionally, it operates a large fashion retail business under Aditya Birla Fashion & Retail Limited, which sells men’s and women’s apparel, accessories, and footwear.
“Aditya Birla Group’s branded jewellery retailer marks an important moment in our legacy of building a business based on our beliefs. This venture 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 incomes, discerning and aspirational consumers are turning to design-led, bespoke, and high-quality jewellery. This initiative will capitalise on Aditya Birla Group’s deep expertise in lifestyle retailing and nuanced understanding of consumer preferences,” said Kumar.