The jewellery retail business is going to witness tough competition. Giants like Tata and Ambani are already present in this segment. Aditya Birla Group, one of the most prominent business houses in the country, has also entered the branded retail jewellery business. This means that Birla will compete with Tata and Ambani in the coming days.
Jewellery Will Be Sold Under The Brand Name Indriya
Aditya Birla Group, led by Kumar Mangalam Birla, launched a new retail jewellery brand named Indriya on Friday. In this way, jewellery has also been registered 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, and major 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 entered the retail business of branded jewellery when the attraction of branded jewellery increased in the country compared to unbranded jewellery. Many customers now prefer to buy branded jewellery instead of traditional jewellery shops. Birla will directly compete with many giants already present in this segment. Apart from Tata Group through the Tanishq brand and Reliance Group through Reliance Jewels, brands like Kalyan Jewellers, Joyalukkas, Malabar, etc., are already present in the branded jewellery segment.
The Group Has Set Aside 5 Thousand Crores
Aditya Birla Group has formed Novel Jewels, a new company in the branded jewellery business. The group has prepared a plan to invest 5,000 crores in the industry. The size of the jewelry market in India is said to be around 6.7 lakh crores.
Target To Become One Of The Top 3 Brands
Kumar Mangalam Birla, chairman of Aditya Birla Group, 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 three jewellery brands in the country in the next five years. He said about 20 percent of his group’s revenue comes from consumer business. He expects this figure to increase to more than 25 percent in the next five years and reach nearly $25 billion.
