Indian conglomerate Aditya Birla will branch out into branded jewelry, with plans to open exclusive retail outlets across the country.
The Mumbai-based group will invest INR 50 billion ($607.1 million) in a new venture called Novel Jewels, which will feature in-house jewelry brands, it said Tuesday. The endeavor will aim to transform the customer experience by creating an “aspirational national brand with unique designs and a strong regional flavor,” it explained.
“[This] foray into branded jewelry retail…is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape,” said Kumar Birla, chairman of Aditya Birla. “With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewelry.”
Calcutta-born Birla has a net worth of $15 billion, according to the 2022 Forbes list of India’s richest people.
Aditya Birla will recruit experienced members of the industry to form a new leadership team for Novel Jewels, it noted.
ReLated Reading
The project is the company’s third major investment in a new business area in the last two years, following paints and building materials. It also owns enterprises in several other segments, including metals, pulp and fiber, cement, chemicals, textiles, financial services, fashion retail and renewable energy.
The new venture is set to compete with other large Indian jewelers, including Titan Company and Malabar Gold and Diamonds.
Image: Indian jewelry. (Shutterstock)
WhatsApp
Email
Facebook
Twitter
LinkedIn