Mumbai-based diversified conglomerate Aditya Birla Group has ventured into branded jewellery market with its in-house brand Indriya. The group with its massive retail presence, especially in the apparel and fashion, has set an ambitious target of becoming one of the top 3 jewellery brands in the country within the next five years.
The ambitious venture is backed by an investment of Rs 5,000 Cr. Through its brand Indriya it will simultaneously open four stores in three cities – Delhi, Indore, and Jaipur. It plans to expand the retail presence to over 10 cities within six months. The large stores – measuring over 7000 sq ft that is 30-35% larger than the average size of national brands’.
“The Indian consumer is rapidly coming of age and India is perhaps the most promising consumer cohort globally. This year, we have redoubled our bet on the dynamism of the Indian consumer, by
launching two major new consumer brands – in paints and jewellery. Entering
the jewellery business is compelling due to the ongoing value migration from
informal to formal sectors, the rising consumer preference for strong, trusted
brands, and the ever-booming wedding market, all of which present
substantial growth opportunities,” says Kumar Mangalam Birla, Chairman,
Aditya Birla Group.
According to him, the foray “is a natural extension for the group”, which has been in the fashion retail and lifestyle industry for over 20 years, adding, “The robust competencies that we have honed in retail, design and brand management will serve as pillars for our success.”
The group’s entry into the Rs 6.7 lakh crore branded jewellery market – with majority of its top-line coming from gold jewellery- will further add to the ongoing competition in India. Currently, Titan Company led by its flagship Tanishq brand, leads the local branded jewellery market with over Rs 40,000 crore yearly sales. Additionally, there have been efforts by many strong regional players like Kalyan Jewellers, Malabar Jewellers & PC Jewellers to turn themselves into pan-India brands over the last decade has begun to borne fruits and intensify the competition.
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