Aditya Birla Group forays into branded jewellery retail business
Aditya Birla Group has forayed into the branded jewellery retail business with an investment of around Rs 5,000 crore ($605 million).
The business will be run under ‘Novel Jewels Ltd’ that will build large-format exclusive jewellery retail stores across India with in-house jewellery brands.
Commenting on its entry in jewellery business, Kumar Mangalam Birla, chairman of Aditya Birla Group in a statement 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,” he added.
Aditya Birla Group operates in a wide range of sectors, including pulp and fibre, textiles, fashion retail among others.
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