Aditya Birla Group could soon step into branded jewellery
Aditya Birla Group is planning on foraying into the branded jewellery retail industry. The multi-industry Indian conglomerate could launch jewellery retail stores across the country.
As part of its entrance into the branded jewellery space, Aditya Birla Group plans to open large scale jewellery stores to retail a diverse selection of jewellery, two anonymous executives close to the matter told the Economic Times. The business also plans to launch its own in-house brands positioned across the retail spectrum to include both lightweight, daily wear offerings and high-end jewellery for occasion wear and weddings.
In order to launch into this new category, Aditya Birla Group has planned an investment of between Rs 4,500 crore and Rs 5,000 crore, the Gem and Jewellery Export Promotion Council reported. The business is in the process of selecting a leadership team to oversee and lead the new division, according to the sources.
Aditya Birla Group has businesses in industries ranging from construction to financial services and counts tens of billions of dollars in annual revenue. The business’ chairman Kumar Mangalam Birla is set to manage the new jewellery venture and will keep it separate from the conglomerate’s already established fashion and retail businesses.
Copyright © 2023 FashionNetwork.com All rights reserved.