Aditya Birla Group Enters Into Jewellery Retail With Rs.5,000 Crore Investment
Aditya Birla Group has entered the branded jewellery retail business with a Rs 5,000 crore investment, the conglomerate announced on Tuesday. After paints and B2B e-commerce for building materials, this is the group's third major foray into a new business in the last two years.
According to the company, this business will be housed in a new venture, 'Novel Jewels Ltd,' which will build large-format jewellery retail stores across India with in-house jewellery brands.
"This venture is a strategic portfolio choice that will enable 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 are gravitating towards design-led, bespoke, and high-quality jewellery," said Kumar Mangalam Birla, Chairman of Aditya Birla Group.
In November 2022, it was reported that the conglomerate was establishing an entirely new separate business venture for branded jewellery, to compete directly with Tata group's Tanishq.
Grasim Industries, Hindalco, Aditya Birla Fashion and Retail, and Aditya Birla Capital are among the flagship companies of the $60 billion conglomerate. It employs approximately 140,000 people as a group.
Aditya Birla Ventures, the Group's venture capital arm, co-led a fund raise in silver jewelry-focused startup GIVA in June, raising Series B funding. "We believe silver jewellery, in particular, is ripe for significant growth across both online and offline channels," Aryaman Vikram Birla, founder of Aditya Birla Ventures, said when the venture was announced.