Aditya Birla Group expands presence to branded jewellery retail segment

6 Jun 2023 , 02:27 PM

Aditya Birla Group announced that it has widened its presence into the branded jewellery retail business. The group has invested Rs 5,000 crore in the new segment.

This is the conglomerate’s third major investment into a new business over a period of 2 years. Earlier, the group invested in Paints and B2B e-commerce segment for building materials.

The company stated that the business will be set up under a new venture ‘Novel Jewels Ltd.’, which is to be engaged in the development of large-format jewellery retail stores in India, accompanied by in-house jewellery brands.

Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that entering the branded jewellery retail business is a strategic decision aimed at capitalizing on new growth opportunities and strengthening its position in the dynamic Indian consumer market.

Aditya Birla Ventures, the Group’s venture capital arm, co-led a fundraise in silver jewellery-focused startup GIVA in June, raising Series B funding.

At the core of this $60 billion conglomerate are prominent entities such as Grasim Industries, Aditya Birla Fashion and Retail, Hindalco, and Aditya Birla Capital, alongside several other subsidiaries. As a whole, the group encompasses approximately 140,000 dedicated employees.

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