Aditya Birla Group announced its entry into the retail jewellery business on Friday with the brand Indriya. The company has laid out a Rs 5000 crore plan to capture the market and be among the top three national players.
Aditya Birla Group Chairman Kumar Mangalam Birla launched the new brand in New Delhi
Aditya Birla Group announced its entry into the retail jewellery business on Friday with the brand Indriya. The company has laid out a Rs 5000 crore plan to capture the market and be among the top three national players.
The group’s Chairman Kumar Mangalam Birla announced the launch during an event held in New Delhi. Speaking during the launch of the jewellery brand, he said, “Looking good and feeling good has become a factor in consumer’s decision to spend. Entering the jewellery business is compelling due to the ongoing value migration from informal to formal sectors, the rising consumer preference for strong and trusted brands, and the ever-booming wedding market, all of which present substantial growth opportunities.”
The company estimates the market size to be Rs 6.7 lakh crore. It plans to inaugurate four stores in three cities; Delhi, Indore, and Jaipur. Over the next six months, the brand will expand to 10+ cities.
The brand is currently focused on expanding its retail jewellery business in India. Speaking to Outlook Business on the sidelines of the event, Dilip Gaur, Director at Novel Jewels said, “At present, the idea is to make Indriya an all-India brand.”
Last year, another conglomerate, the Tata Group, also expanded its footprint in the jewellery space after it acquired an additional stake in Caratlane. Aditya Birla Group’s Brand has its task cut out as it enters the competitive retail jewellery business that already has popular household names like Tanishq, Kalyan Jewellers, etc.
Sandeep Kohli, Chief Executive Officer at Novel Jewels, told Outlook Business that the brand will cater to a wide set of consumers. "Most of the jewellery consumption in India is done by women. Indriya as a brand will focus on women's jewellery. But we do have a men's range as well."
The brand plans to have an assortment of over 15,000 jewellery pieces in its stores which would span over 7000 feet. The group claims the size of its stores will be 30-35 per cent more than the national average of other big players in the industry.