After expanding its business in telecom, textile, cement, metal and other sectors, Aditya Birla Group is now going to try its hand in the retail business of branded jewellery.
Aditya Birla Group today said that for this the group will invest Rs 5,000 crore. After entering this business, the Birla group will directly compete with Kalyan Jewelers and Tata’s Tanishq brand.
What will be the name?
A statement from the Aditya Birla Group said the name of the jewelery business would be “Novel Jewels”. In a statement, the group said that for this business, Aditya Group will open large format exclusive jewelery retail stores across the country with Novel Jewels in-house jewelery brands.
New option for Indian customers
Aditya Birla Group Chairman Kumar Mangalam Birla said the jewelery business will further develop the group’s business portfolio and provide Indian customers with more options in jewellery.
Kumar Mangalam Birla said that with the increasing disposable income of Indians, they have become discerning and are increasingly opting for design-led high-quality jewellery. We are already present in lifestyle retail and now the jewelery business will help us understand the nuanced understanding of consumer preferences, he added.
The company aims to meet the growing demand for design based, bespoke and high quality jewelery in the country. The company said that Novel Jewels will strive to transform the customer experience by creating a national brand with unique designs and different regional needs of the country.
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