Leading business conglomerate Aditya Birla Group on Tuesday said it is foraying into the branded jewellery retail business with an investment of Rs 5,000 crore.
The new venture, Novel Jewels, will build large-format exclusive jewellery retail stores across India, with in-house jewellery brands, a statement from Aditya Birla Group said.
This foray is a strategic portfolio choice that allows to tap into new growth engines and expand presence in the vibrant Indian consumer landscape, Aditya Birla Group Chairman Kumar Mangalam Birla said.
"With rising disposable income, discerning and aspirational consumers are leaning 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," he added.
The company aims to tap the growing demand for design-led, bespoke, and high-quality jewellery in the country.
With this, Aditya Birla Group will compete with the leading business houses such as Tata group, which is a leading branded jewellery retailer operating in the segments with brands such as Tanishq.
Besides, billionaire Mukesh Ambani-led Reliance Industries has also a presence into the segment through Reliance Jewels, which is controlled by the retail arm of the group.
Branded jewellery retail is Aditya Birla Group's third major foray into a new business in the last two years after paints, and B2B e-commerce for building materials, it added.
The branded jewellery retail venture will be operated by a newly recruited leadership team having retail and category expertise.
Novel Jewels will seek to transform the customer experience by creating a national brand with unique designs and a strong regional flavour, it said.
India's gems and jewellery market contributes approximately 7 per cent to the GDP. The jewellery market is projected to grow to USD 90 billion by 2025.
Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.
