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Aditya Birla Group on Tuesday announced its foray into the branded jewellery retail business with its new venture Novel Jewels Ltd. The company will invest Rs 5,000 crore to set up large-format exclusive jewellery retail stores with in-house jewellery brands across the country.
"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," said Kumar Mangalam Birla, chairman of Aditya Birla Group.
"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.
This is the group's third major foray into a new business in the last two years after paints, and business-to-business (B2B) e-commerce for building materials.
"The new venture will seek to transform the customer experience by creating an aspirational national brand with unique designs and a strong regional flavour," the company said in a press release.
It added that the venture will be led and operated by a newly-recruited leadership team with "deep retail and category expertise".
