The company said the business will be set up in a new venture, ‘Novel Jewels Limited’, engaged in building large format jewelery retail stores across India along with in-house jewelery brands.
“This move is a strategic portfolio choice that will allow us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape. With rising disposable incomes, discerning and aspirational consumers are increasingly leaning towards design-led, bespoke and high-quality jewellery,” Aditya Birla Group Chairman Kumar Mangalam Birla said.
ET had reported in November 2022 that the company was setting up a new separate business venture for branded jewelery to directly compete with Tata Group’s Tanishkin.
The flagship companies include Grasim Industries, Hindalco, Aditya Birla Fashion and Retail and Aditya Birla Capital, worth $60 billion. There are approximately 140,000 employees at the group level.
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In June, Aditya Birla Ventures, the group’s venture capital arm, led the fundraising for silver jewellery-focused startup GIVA and raised Series B funding. “We believe that silver jewellery, in particular, is ripe for significant growth in both online and offline channels,” said Aryaman Vikram Birla, founder, Aditya Birla Ventures, while announcing the venture. Also operates a network of outlets.In his speech at the company’s AGM, Birla said the revenue is expected to cross ₹21,000 crore by 2026. It is targeting and setting even higher milestones for the business going forward.