The Aditya Birla Group is foraying into the fast-growing jewellery retail business, eyeing a spot among the top three jewellery retailers in the next five years. Branded Indriya, the jewellery business will be housed under Novel Jewels, a venture of the Aditya Birla Group, created with an investment of Rs 5,000 crore.
Launching the brand, Aditya Birla Group Chairman, Kumar MangalamBirla, said: “This year, we have redoubled our bet on the dynamism of the Indian consumer, by launching two major new consumer brands – in paints and jewellery. Entering the jewellery business is compelling due to the ongoing value migration from informal to formal sectors, the rising consumer preference for strong, trusted brands, and the ever-booming wedding market, all of which present substantial growth opportunities.”
The jewellery brand, Indriya, will be available in 10 cities within six months, starting immediately with four stores in three cities – Delhi, Indore and Jaipur. These will be large-format stores with over 7,000 sq ft of space. It plans to launch with about 5,000 exclusive jewellery designs and over 15,000 curated pieces.
It hopes to launch a new collection every 45 days, considering the quick changes in the Indian jewellery market. The brand name, Indriya, is culled from a Sanskrit word related to the five senses. Indriya will compete with the likes of Tanishq, Reliance Jewels, and Caratlane amongst others, aiming to grab a significant pie of the Rs 6.7 lakh crore jewellery market in India.
