Novel Jewels to open 100 stores with a Rs 5,000 crore investment

Aditya Birla Group business Novel Jewels plans to launch 100 brick-and-mortar stores in the coming year and a half with an investment of Rs 5,000 crore. The business will also explore franchise retail following significant interest from potential franchisees.

“We’ve already got a huge unsolicited kind of response from people wanting to be our franchisees,” said Novel Jewels’ chief executive Sandeep Kohli, ET Bureau reported. “So we will very soon roll that model out.”
 
Novel Jewels owns the Indriya jewellery label. The business aims to tap into India’s growing demand for branded fine jewellery as the market becomes more organised.
 
“There is a huge scope of growth in the branded jewellery space, so the opportunity in this market is huge,” said Kohli. “We are probably the only large-scale player entering into this business in the 2020s with this kind of investment after many players that came in the 1990s or before.”
 
The business has already begun to expand rapidly and has opened on average one store a week since its launch at the end of July this year, ET Retail reported. Novel Jewels has seen higher sales than it expected for its initial launch which will enable it to expand faster than originally planned.