Mumbai/IBNS: The Indian jewellery retail market, which is largely dominated by the Ambanis and the Tatas, is set to witness intense competition with the Aditya Birla Group entering the Rs 6.7 trillion market with its in-house jewellery brand Indriya.
Kumar Mangalam Birla-led Aditya Birla Group has planned to invest Rs 5,000 crore in the new venture, under the name Novel Jewels.
Last Friday (July 26), Aditya Birla Group, one of Indias leading business conglomerates known for its diverse business portfolio ranging from telecom to apparel, launched its new retail jewelry brand Indriya.
Aditya Birla Group has set up four stores in Delhi, Jaipur and Indore, while the brand has plans to expand to 11 cities in the next six months, according to reports.
Aditya Birla Groups chairman Kumar Mangalam Birla said last Friday, while launching Indriya in New Delhi, that the group plans to continue to grow at 50 percent compound annual growth rate (CAGR) in the next five years.
The company aims to unveil new designs in stores every 45 days, said Kumar Mangalam Birla, adding that Indriya stores will be 40 percent larger in size than the average national brands.
As per reports, Indriya has 15,000 jewellery pieces (stock keeping units) crafted by 3,500 artisans in 13 cities.
Aditya Birla Groups major companies include Indias largest cement company UltraTech, and leading telecom operator Vodafone Idea (Vi), while the group also has a strong presence in the financial services and fashion segment.
According to reports, around 20 percent of Aditya Birla Groups revenue comes from consumer businesses, and the group expects this figure to exceed 25 percent and reach close to $25 billion in the next five years.
