Aditya Birla Group‘s jewellery business, operating under the brand name ‘Novel Jewels Ltd’, will begin its operations this July, as reported by ET Now citing its sources.
Last June, the company announced its plans to enter the retail jewellery sector with an investment of approximately INR 5000 crore.
At that time, the company stated that under Novel Jewels, it would establish large-format exclusive jewellery retail stores across India, showcasing in-house jewellery brands.
Continue Exploring: Turkish jewellery brand Zen Diamond set to enter Indian markets with metro store rollout and online debut
Novel Jewels, it said, ‘aims to transform the customer experience by creating an aspirational national brand with unique designs and a strong regional flavour’.
“The branded jewellery retail venture will be operated by a newly recruited leadership team with deep retail and category expertise,” the Aditya Birla Group had announced in June 2023.
In a statement Kumar Mangalam Birla, Chairman, Aditya Birla Group then said, “Aditya Birla Group’s foray into branded jewellery retail marks a pivotal moment in our storied legacy of building businesses underpinned on trust. 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. With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewellery. This venture will capitalise on Aditya Birla Group’s deep expertise in lifestyle retail and nuanced understanding of consumer preferences.”
Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA