ADITYA BIRLA GROUP LAUNCHES BRANDED JEWELLERY VENTURE ‘INDRIYA’ WITH INR 5,000 CRORE INVESTMENT
27th July 2024
On July 26, the Aditya Birla Group announced its entry into the branded jewellery retail market with a substantial investment of INR 5,000 crore. The new venture, named Indriya, will operate under the umbrella of Novel Jewels. The company plans to inaugurate four stores on July 27 in Delhi, Jaipur, and Indore, with plans to expand to 11 cities within the next six months.
Ambitious Goal
The group’s ambitious goal is to secure a position among the top three jewellery retailers in India within five years. Chairman Kumar Mangalam Birla revealed at the launch event in New Delhi that the company aims to achieve a 50% compound annual growth rate (CAGR) over the next five years. Indriya will offer 15,000 jewellery pieces crafted by 3,500 artisans across 13 cities and will refresh its collection every 45 days. The new stores will be 40% larger than those of average national brands.
Leadership Team
Dilip Gaur will serve as Director and Sandeep Kohli as CEO of Novel Jewels. Gaur emphasised that the investment will focus on store setup and inventory, aiming to deliver unique, proprietary designs and enhanced customer experiences. Kohli noted that the company plans to first target major cities before moving into tier 2 and 3 locations.
Market Growth
The jewellery retail market, currently valued at ₹6.7 lakh crore, is expected to grow to INR 11-13 lakh crore by 2030. With the recent reduction in customs duty, Gaur anticipates a boost in demand and substantial growth in consumption.
Strategic Move
Birla highlighted that this new venture is a strategic move to diversify and tap into the expanding consumer market in India, driven by rising disposable incomes and a growing preference for high-quality, design-led jewellery. The Aditya Birla Group aims to increase its consumer business revenue to USD 25 billion in the next five years, building on its recent ventures into paints and e-commerce.
