Earmarks investment of Rs.5000 Cr for building new-age jewellery business
Group’s jewellery brand, Indriya, aims to be among top three national players
Chandigarh, 27 July 2024: Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla, today announced the launch of the Group’s jewellery retail business, marking the Group’s foray into the rapidly expanding Rs.6.7 lakh crore Indian jewellery market. This strategic move marks another significant milestone as the Group strengthens its consumer portfolio, leveraging its strong brand equity and deep market insights. The jewellery business, launched under the brand Indriya, aims to secure a position among India’s top three jewellery retailers over the next 5 years. This ambitious venture is backed by an unprecedented investment of Rs 5,000 Cr, underscoring the Aditya Birla Group’s commitment to revolutionising the jewellery retail landscape in India.
Commenting on the launch, Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “ 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. He added, “ This foray is a natural extension for the Group which has been in the fashion retail and lifestyle industry for over 20 years. The robust competencies that we have honed in retail, design and brand management will serve as pillars for our success.”
Indriya will simultaneously open four stores in three cities – Delhi, Indore, and Jaipur. The plan is to expand to 10+ cities within six months. The large 7000 sq ft plus stores— 30%-35% larger than the average size of national brands’— will carry an extensive range that spans occasions. The brand will offer a large initial assortment of 15000 curated jewellery pieces with over 5,000 exclusive designs. New collections will be introduced every 45 days – the fastest mind to market cycle in the Indian fine jewellery market.
Mr. Dilip Gaur, Director, Novel Jewels said, “Through Indriya, we are poised to redefine standards in creativity, scale, technology, and customer experience in the jewellery sector. It is built on the understanding that each piece of jewellery tells a unique story of craftsmanship. The distinctive product, exceptional customer experience and immersive buying journey are ultimately enablers to unlocking self-expression via jewellery. Our product fuses timeless craft, but reimagines contemporary designs. Our regional selection celebrates unique backgrounds but opens them up for discovery across other cultures”
Mr. Sandeep Kohli, CEO of Novel Jewels, said, ” Jewellery as a category is transitioning from mere investment to a statement. Our proposition is built on perceptible differentiation, distinctive designs, personalized service, and authentic regional nuances. At the heart of Indriya’s offering is the innovative Signature Experience with exclusive lounges. Customisation services with in-store stylists and expert jewellery consultants promises to elevate all the five senses and create an unparalleled shopping journey. Our best-in-class digital front end will create a seamless experience across digital and physical touchpoints and herald the new age in jewellery retail.”
The brand name ‘Indriya’ has its origins in Sanskrit, deeply rooted in India’s rich cultural heritage. Indriya is an ode to the five senses. The name reflects the brand’s philosophy of creating jewellery that awakens and delights all five senses, defining one’s being and consciousness. Indriya’s brand insignia, a Female Gazelle, serves as a powerful metaphor for the senses and epitomises the beauty and grace of a woman. This symbol represents the brand’s commitment to creating jewellery that not only adorns but also empowers and celebrates the wearer.
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