Aditya Birla Group is poised to make an entry into India’s branded jewellery market with the launch of Novel Jewels on July 26. This move marks the conglomerate’s latest expansion into consumer-facing businesses.
Backed by an investment of Rs. 5,000 crores, this new venture is called ‘Novel Jewels’. Novel has aims to build large exclusive jewellery stores featuring in-house jewellery brands across India.
Novel Jewels’. will now be competing in a market that has a strong presence of other conglomerates such as Tata Group-owned Tanishq and Reliance Jewels, and corporate retail chains like Kalyan Jewellers, Malabar Gold, Joyalukkas Jewellers and Senco Gold.
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