Aditya Birla Group chairman Kumar Mangalam Birla has launched a jewellery business that will be housed under Novel Jewels and the brand name ‘Indriya’.
Aditya Birla Group expects its consumer business to surge to $25 billion over the next five years as it bets on its new segments such as paints and jewellery.
The group announced its entry into the branded jewellery business on Friday, marking the presence of yet another large conglomerate in India’s ₹6.7-trillion jewellery market. It has earmarked an investment of ₹5,000 crore for the jewellery business, which will be housed under Novel Jewels with the brand name ‘Indriya’.
Initially, the group will open four Indriya stores in Delhi, Indore, and Jaipur, and plans to expand to more than 10 cities within six months. The brand will offer an initial assortment of about 15,000 curated jewellery pieces with more than 5,000 exclusive designs
“This year, we have redoubled our bet on the dynamism of the Indian consumer, by launching two major new consumer brands—in paints and jewellery,” Kumar Mangalam Birla, chairman, Aditya Birla Group, said in a statement.
“Entering the jewellery business is compelling due to the ongoing value migration from informal to formal sectors, the rising consumer preference for strong, trusted brands, and the ever-booming wedding market, all of which present substantial growth opportunities,” he added. “We will be among the top 3 national jewellery retailers over the next 5 years, and will continue to grow at a 50% CAGR.”
India’s organised jewellery sector has grown from 22% of the overall market in 2018-19 to 36-38% in 2023-24. In that period, the sector’s revenue grew at a compound annual growth rate of 8%, reaching a market value of ₹6,400 billion
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