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.
"This venture will capitalise on Aditya Birla Group's deep expertise in lifestyle retail and nuanced understanding of consumer preferences,” he added.
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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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