The Indian jewellery market is about to get even more competitive. After giants like Tata and Ambani, the Aditya Birla Group has announced its entry into the Rs 6.7 lakh crore market with its new jewellery brand, ‘Indriya’. This means that in the coming days, Birla will be vying for market share alongside Tata and Ambani in the jewellery business.
Kumar Mangalam Birla-led Aditya Birla Group launched ‘Indriya’ on Friday, outlining their ambition to become one of the top three retailers in the jewellery segment within the next five years. The group has earmarked a significant Rs 5,000 crore for establishing a retail network for the jewellery business, according to a statement. In the branded segment, Aditya Birla Group will directly 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.
To spearhead this new venture, the Aditya Birla Group has formed a new company called Novel Jewels. The group has a well-defined plan to invest Rs 5,000 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 kickstart its operations by simultaneously opening four stores in three cities – Delhi, Indore, and Jaipur. The Aditya Birla Group has ambitious plans to expand to over 10 cities within six months. The brand will offer a diverse selection of 15,000 curated jewellery pieces, showcasing over 5,000 exclusive designs.
