The Aditya Birla Group has invested Rs 5,000 crore in the retail sale of branded jewelry. The new company called, Novel Jewels Ltd, will house this enterprise and develop large-format, exclusive jewelry retail stores with its own jewelry brands all over India.
The Aditya Birla Group said on Tuesday that it had invested Rs 5,000 crore in the retail sale of branded jewelry. The corporation has made three significant forays into new markets in the past two years, including B2B e-commerce for building products and paints.
According to the corporation, this operation would be housed under a new company called Novel Jewels Ltd., which will establish large-format jewelry retail locations with its own jewelry brands throughout India.
“This venture is a strategic portfolio decision that enables us to expand our position in the dynamic Indian consumer market and tap into new growth engines. According to Kumar Mangalam Birla, chairman of the Aditya Birla Group, “discerning and ambitious consumers are gravitating increasingly toward design-led, customised, and high-quality jewellery as disposable income rises.
In November 2022, the conglomerate was said to be launching a brand-new, independent commercial venture to compete directly with Tanishq by the Tatagroup.
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The flagship businesses of the $60 billion conglomerate include, among others, Grasim Industries, Hindalco, Aditya Birla Fashion & Retail, and Aditya Birla Capital. It employs around 140,000 people overall.
The venture capital arm of the Group, Aditya Birla Ventures, co-led a fund round in June for the silver jewelry firm GIVA and secured Series B investment. AryamanVikram Birla, the founder of Aditya Birla Ventures, had stated at the time of the announcement of the company, “We believe silver jewelry, in particular, is ripe for significant growth across both online as well as offline channels.”
ABFRL’s fashion brands and retail formats operate throughout a network of 3,487 shops and more than 30,000 multi-brand outlets, with sales of 8,136 crore as of March 31, 2022.In a speech at the company’s annual general meeting, Birla predicted that the estimated revenue of 21,000 crore for the year 2026 will surpass that goal and establish even greater benchmarks for the firm moving ahead.
