On 6 June 2023, the Aditya Birla Group announced that it has entered into the jewellery retail business with an investment of 50 billion rupees ($605.2 million). The conglomerate revealed that the new jewellery retail business will be established under a venture called 'NovelJewels.' The focus will be on developing large-format jewellery retail stores across India, featuring in-house jewellery brands.
Kumar Mangalam Birla, Chairman, of Aditya Birla Group 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 lean 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, Birla added.
The Aditya Birla Group is comprised of flagship companies such as Grasim Industries, Hindalco, Aditya Birla Fashion and Retail, and Aditya Birla Capital, among others. The conglomerate employs approximately 140,000 individuals.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Kumar Mangalam Birla, Chairman, of Aditya Birla Group 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 lean 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, Birla added.
The Aditya Birla Group is comprised of flagship companies such as Grasim Industries, Hindalco, Aditya Birla Fashion and Retail, and Aditya Birla Capital, among others. The conglomerate employs approximately 140,000 individuals.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
