Novel Jewels to open 100 stores in 18 months
Novel Jewels, the jewellery business vertical of Aditya Birla Group, is planning to open 100 stores across India in the next 18 months with an investment of '5,000 crore, its chief executive Sandeep Kohli said.
Besides owned stores, the company also plans to look at franchisee models, Kohli told ET in an exclusive interaction. «We've already got a huge unsolicited kind of response from people wanting to be our franchisees. So we will very soon roll that model out,» he said.
Novel Jewels, which owns the Indriya jewellery brand, hopes to cash in on the increasing trend of jewellery consumption moving from the unorganised sector to branded players.
Currently, organised jewellers account for nearly 40% of the total jewellery market, up from 22% in FY19.
«There is a huge scope of growth in the branded jewellery space, so the opportunity in this market is huge,» said Kohli who joined Novel Jewels from Unilever earlier this year.
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