Birla Jewellery Business: The business of retail sale of jewellery is going to witness tough competition. Giants like Tata and Ambani are already present in this segment. Now Aditya Birla Group, one of the most prominent business houses of the country, has also entered the branded retail jewellery business. This means that in the coming days, Birla is going to compete with Tata and Ambani in the jewellery business.
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Will sell jewellery under the brand name Indriya
Kumar Mangalam Birla-led Aditya Birla Group on Friday launched a new retail brand of jewellery called Indriya. In this way, jewellery has now also been included in the business of Aditya Birla Group from telecom to shirt-pants. The major companies of Aditya Birla Group include the country’s largest cement company UltraTech to the leading telecom operator Vodafone Idea. The group also has a strong presence in businesses like financial services and fashion.
There will be competition with these big brands
Birla Group has entered the branded jewellery retail business at a time when the attraction of branded jewellery has increased in the country as compared to unbranded jewellery. A large part of the customers now prefer to buy branded jewellery instead of traditional jewellery shops. Birla is going to have a direct competition with many giants already present in this segment. Apart from Tata Group through Tanishq brand, Reliance Group through Reliance Jewels, brands like Kalyan Jewellers, Joyalukkas, Malabar etc. are already present in this segment in the branded jewellery segment.
The group has set aside Rs 5000 crore
Aditya Birla Group has formed a new company for the branded jewellery business. It has been named Novel Jewels. The group has prepared a plan to invest Rs 5 thousand crore for the jewellery business. The size of the jewellery market in India is said to be around Rs 6.7 lakh crore.
Aim to become one of the top-3 brands
Kumar Mangalam Birla said on the occasion of the launch of his group’s jewellery brand Indriya that the target is to make this brand one of the top-3 jewellery brands in the country in the next five years. Kumar Mangalam Birla is currently the chairman of the Aditya Birla Group. He said that currently about 20 percent of his group’s revenue is coming from consumer business. He expects this figure to increase to more than 25 percent in the next five years and reach close to 25 billion dollars.
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