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The Aditya Birla group forayed into the jewellery retail business with the launch of its jewellery brand Indriya, on Friday.
This marks the Group’s foray into the rapidly expanding Rs 6.7 trillion Indian jewellery market, which is poised to grow to Rs 11 – 13 trillion by 2030.
With an investment of Rs 5,000 crore over the next few years, the Group aims for Indriya to be among the top three national players in the next five years, growing at a compounded annual rate of 50 per cent.
“This year we have redoubled our bet on the dynamism of the Indian consumer by launching two major new consumer brands – Opus in paints and Indriya in jewellery. The Indian consumer is rapidly coming of age and India perhaps has the most promising consumer cohort globally,” said Kumar Mangalam Birla, chairman, Aditiya Birla Group.
As much as 20 per cent of the Group’s current revenues come from consumer businesses.
“I believe this will increase to over 25 per cent over the next five years to reach about $25 billion of revenue from consumer businesses. This would be larger than most leading standalone consumer businesses in India,” Birla said.
“One of the key drivers for this will be of course the successful ramp-up of our newest consumer businesses – paints and jewellery retail,” he added.
“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,” he further said.
Indriya will simultaneously open four stores in three cities — Delhi, Indore, and Jaipur — with plans to expand to more than ten cities within six months.
The brand will offer a large initial assortment of 15,000 curated jewellery pieces with over 5,000 exclusive designs. New collections will be introduced every 45 days.
Aditya Birla Group’s Indriya will be competing with Tata-group owned Tanishq and Reliance Jewels, alongside jewellery companies like Kalyan jewels, Senco Gold, Joyalukkas, and Malabar Gold.
The launch comes amid a reduction in customs duty on gold, silver and platinum, as announced by Finance Minister Nirmala Sitharaman in her Budget 2024 speech.
Customs duty on gold and silver have been slashed to 6 per cent from the earlier 15 per cent, while duties on platinum have been reduced to 6.5 per cent.
First Published: Jul 26 2024 | 8:46 PM IST
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