Conglomerate Aditya Birla is looking to enter the retail jewellery market with a whopping ₹5,000-crore investment.
What Happened? The chemicals-to-fashion conglomerate is aiming to roll out large-format jewellery retail stores across the country as well as a branded in-house jewellery brand called Novel Jewels.
"This foray is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape,” said Kumar Mangalam Birla, chairman, Aditya Birla Group.
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"This venture will capitalise on Aditya Birla Group's deep expertise in lifestyle retail and nuanced understanding of consumer preferences,” he added.
The group will make its foray into a segment that is already crowded with well-known brands such as the Tata-owned Tanishq and CaratLane, Kalyan Jewellers and Reliance Jewels.
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India is the second-largest market for gold jewellery in the world. In 2023, the market size was around $76.8 billion (₹6.34 lakh crore), and it is likely to grow to $88.7 billion (₹7.33 lakh crore) by 2026.
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