Aditya Birla Group: The Aditya Birla Group has entered the branded jewelery retail business to compete with the Tatas. Birla group is going to invest Rs 5,000 crore for this. The Aditya Birla Group has announced that the business will be launched under the name Novel Jewels.
Aditya Birla Group
The Aditya Birla Group has entered the branded jewelery retail business to compete with the Tatas. Birla group is going to invest Rs 5,000 crore for this. The Aditya Birla Group has announced that the business will be launched under the name Novel Jewels. The Birla group’s jewelery brand will be launched from July this year.
The company had said last June that it would set up large jewelery retail stores across India under Novel Jewels. which will have in-house jewelery brands. The company aims to provide better customer experience by creating a national brand.
Kumar Mangalam Birla said in a statement, “Aditya Birla Group’s foray into branded jewelery retail is an important moment in building a trust-based business.
Kumar Mangalam Birla said that due to the rising income of Indians, they are increasingly preferring good quality jewellery. He said that we are already working in the retail business and now the jewelery business will help us understand the nuances of consumer preferences.
Aditya Birla’s novel brand will compete with brands like Tanishq, Kalyan Jewellers, Reliance Jewelers in the jewelery market. India’s gems and jewelery market accounts for around 7 percent of the gross domestic product (GDP). The jewelery market is expected to grow to $90 billion by 2025.
In June 2023, it was reported that the Aditya Birla Group was considering entering the branded jewelery retailing business. The company wants to launch its own jewelery business to compete with Tata’s Tanishq.
The Aditya Birla group of companies with a turnover of around $60 billion includes many companies like Grasim Industries, Hindalco, Aditya Birla Fashion and Retail, Aditya Birla Capital. Aditya Birla Group employs more than 1.4 lakh people.
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