Aditya Birla Group said it is entering the branded jewellery retail business with an investment of about ₹5,000 crore.
This business will be housed in a new venture, “Novel Jewels Ltd.”, that will have large-format exclusive jewellery retail stores across India with in-house jewellery brands.
The new venture will create an aspirational national brand with unique designs and a strong regional flavour, the group said.
Kumar Mangalam Birla, Chairman, Aditya Birla Group said, “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.”
“This venture will capitalise on Aditya Birla Group’s deep expertise in lifestyle retail and nuanced understanding of consumer preferences,” he said.
The branded jewellery retail venture will be operated by a newly recruited leadership team with deep retail and category expertise.
This is the Group’s third major foray into a new business in the last two years after paints, and B2B e-commerce for building materials.
