The business of retailing jewellery is going to witness tough competition as after giants like Tata and Ambani, now Aditya Birla Group, one of the most prominent business houses of the country, has also launched the jewellery brand 'Indriya', announcing its entry into the Rs 6.7 lakh crore Indian jewellery market. This means that in the coming days, Birla is going to compete with Tata and Ambani in the jewellery business.
Kumar Mangalam Birla-led Aditya Birla Group on Friday launched the jewellery brand 'Indriya' through which it aims to be among the top three retailers in the jewellery segment in the next five years and has earmarked Rs 5,000 crore for setting up a retail network for the jewellery business, according to a statement.
In the branded segment, Aditya Birla Group would compete with Tata Group's Tanishq, a market leader in the branded jewellery market, and Reliance Jewels, the brand owned by Mukesh Ambani-led Reliance.
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 5000 crore in the jewellery business.
"This foray is a natural extension for the Group, which has been in the fashion retail and lifestyle industry for over 20 years," Birla added.
Indriya will simultaneously open four stores in three cities - Delhi, Indore, and Jaipur. Aditya Birla Group has plans to expand to over 10 cities within six months.
The brand will offer an assortment of 15,000 curated jewellery pieces with over 5,000 exclusive designs.
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