Aditya Birla Group‘s jewellery business under the brand name ‘Novel Jewels Ltd’ will start its operations this July, ET Now claimed quoting its sources.
The company last June had announced its intention to get into the retail jewellery business with investment of around Rs. 5000 crore.
The company had then said that the under Novel Jewels, it ‘will build large-format exclusive jewellery retail stores across India, featuring in-house jewellery brands’.
Novel Jewels, it said, ‘aims to transform the customer experience by creating an aspirational national brand with unique designs and a strong regional flavour’.
“The branded jewellery retail venture will be operated by a newly recruited leadership team with deep retail and category expertise,” the Aditya Birla Group had announced in June 2023.
In a statement Kumar Mangalam Birla, Chairman, Aditya Birla Group then said, “Aditya Birla Group’s foray into branded jewellery retail marks a pivotal moment in our storied legacy of building businesses underpinned on trust. This foray is a strategic portfolio choice that allows us to tap into new growth engines and expand our presence in the vibrant Indian consumer landscape. With rising disposable income, discerning and aspirational consumers are leaning more towards design-led, bespoke, and high-quality jewellery. This venture will capitalise on Aditya Birla Group’s deep expertise in lifestyle retail and nuanced understanding of consumer preferences.”
