Aditya Birla Group is making significant strides in the booming Indian jewellery market, valued at an astonishing ₹7 lakh crore. Launching its new brand, Indriya, in July 2024, the retailer has quickly opened 22 stores across 11 cities and is on a mission to expand to 100 outlets by the close of FY26. This ambitious growth plan positions Indriya as a serious contender in the competitive landscape of jewellery retail.
Ambitious Goals for Indriya
Sandeep Kohli, the CEO of Indriya, expressed the company’s vision to rank among the top three jewellery retailers in India within five years. He emphasized the importance of speed in their strategy, stating, “Our focus is to adapt to the evolving consumer preferences and the dynamic media and retail environment.” This adaptability is crucial as Indriya seeks to resonate with the modern consumer, who is increasingly discerning about quality and design.
Innovative Retail Experience
Indriya aims to redefine the jewellery shopping experience by introducing larger store formats and innovative styles. The brand is leveraging technology to enhance the selection and purchasing processes, making it easier for customers to find what they are looking for. Staff at Indriya undergo a rigorous three-week training program focused on jewellery knowledge and styling, ensuring that they are well-equipped to assist customers effectively.
- Key Highlights of Indriya’s Strategy:
- Commitment of ₹5,000 crore to expand its jewellery business.
- Stores that are 30-35% larger than competitors, attracting attention in a saturated market.
- A focus on contemporary designs and a refreshing retail experience.
Kohli noted, “We are entering a market where consumers prefer trusted, organized players who deliver quality and an exceptional shopping journey.” This insight reflects a significant shift in consumer behavior towards established brands that offer reliability and superior service.
Market Landscape and Consumer Trends
Despite a surge in gold prices, which have recently approached ₹1 lakh per 10 grams, there has been a 25% decline in demand for gold jewellery. Conversely, investment in gold coins and bars has seen a 7% increase, highlighting a shift in consumer focus during uncertain economic times. Industry experts suggest that more consumers are leaning towards lightweight jewellery options as they adapt to market volatility.
Kohli pointed out that Indriya is responsive to these changes, actively adjusting its offerings to meet consumer needs while continuing to launch new stores. Notably, India surpassed China in 2024 as the largest consumer of gold jewellery, with a consumption rate of 563.4 tonnes compared to China’s 511.4 tonnes.
Enhancing the Shopping Experience
Indriya is committed to providing a comfortable shopping environment, featuring spacious layouts and specialized areas, such as bridal lounges, dedicated to wedding jewellery—a category that accounts for at least 50% of jewellery purchases in India. This thoughtful approach aims to create a more personalized and enjoyable experience for customers.
The brand also boasts an in-house design team responsible for the majority of its collections, ensuring that their pieces remain on-trend and appealing. By collaborating with local artisans, Indriya blends traditional craftsmanship with contemporary designs, further enriching its offerings. Kohli remarked, “Our design team is in tune with both regional and global trends, allowing us to keep our jewellery fresh and relevant.”
Indriya’s commitment to innovation and customer satisfaction positions it well in the evolving landscape of India’s jewellery market. With their ambitious expansion plans and focus on quality, the brand is set to make a lasting impact in the industry.
