Aditya Birla Group entered the Indian jewelery business with a huge investment of Rs 5,000 crore. The aim is to compete with gold jewelery selling companies like Titan Company and Kalyan Jewellers. The branded jewelery retail business segment is called Novel Jewels. The group’s new venture, Novel Jewelery Limited, will have its own exclusive jewelery retail stores across India, the group said. Aditya Birla Group has been expanding its business into key areas in the last two years.
The company stated that its entry into branded jewelery retail is a new beginning. The aim is to expand the business into new areas of growth potential. Aditya Birla Group Chairman Kumar Mangalam Birla said that a variety of high quality jewelery will be available through jewelery outlets.
The company stated that its entry into branded jewelery retail is a new beginning. The aim is to expand the business into new areas of growth potential. Aditya Birla Group Chairman Kumar Mangalam Birla said that a variety of high quality jewelery will be available through jewelery outlets.
Bitubi was the brand’s foray into e-commerce for paints and various construction products. In the last two years, the group has also stepped into three new areas. The group now also has a large fashion retail business under Aditya Birla Fashion and Retail Limited. The company manufactures men’s and women’s clothing, accessories and footwear.
The newly recruited team will be working in the branded jewelery retail venture.
India’s gems and jewelery market contributes around seven percent to the country’s GDP. India’s jewelery market is estimated to grow to $9,000 crore by 2025. India is one of the largest markets for gold jewelery globally. This makes the country an attractive market for investors.
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