Our proposition is to be a national brand with a regional focus: Dilip Gaur, Indriya

The Aditya Birla Group, known for its significant presence across various industries, has recently ventured into the luxury jewelry market with its new brand, ‘Indriya’. Aiming to redefine the jewelry retail landscape in India, Indriya seeks to bridge the gap between tradition and modernity by offering consumers a blend of exquisite craftsmanship and contemporary design. With a strong focus on trust and quality – values synonymous with the Aditya Birla Group – the brand is positioning itself to cater to the evolving tastes of Indian consumers while tapping into the vast, yet fragmented, jewelry market.

In an exclusive conversation with Adgully, Dilip Gaur, Director, Indriya, shares insights on the brand’s entry into the luxury jewellery space and its ambitious plans to revolutionize the industry. He discusses the driving factors behind Indriya’s launch, the significance of its brand identity, and how the company is set to create a distinctive offering through design-driven products, immersive store experiences, and a focus on regional preferences. Gaur further elaborates on the expansion roadmap for Indriya and how the brand aims to capture a larger share of the market in the coming years.

Aditya Birla Group has made a significant mark across various industries. What motivated the group’s entry into the jewelry market, and how does it plan to revolutionize the jewelry retail landscape in India?

The jewellery market is a natural progression for us. If you look at it, we are already big in fashion, and even globally, the next step after fashion is luxury jewelry. It was always part of our plan to enter this space, but historically, this industry had issues in terms of practices. However, with recent government policies around transactions and the formalization of the industry, we felt this was the right time for a group like ours to make the move.

As I mentioned, trust is the cornerstone of this industry, and trust is synonymous with the Aditya Birla Group. That was another key factor. Additionally, the market presents a huge opportunity. The largest player currently holds just a 7% market share, so there’s significant room for growth. Our strategy has always been to enter industries that are high-growth, where we can be globally competitive, and that benefit the country. This industry meets all three of those criteria.

Could you tell us more about the name ‘Indriya’ and the thought process behind it? What does it signify, and how does the logo ‘Gazalle’ align with the brand’s identity?

Indriya, as you know, means ‘senses’ and ‘human beings’. If you appeal to the senses, you appeal to their preferences. The idea behind this brand is that it will appeal to all five senses of my consumers, satisfying all their preferences. That’s the thought process behind naming it Indriya, a name derived from the Sanskrit word. Our brand is built on heritage, and Sanskrit and heritage are strongly connected, aligning perfectly with our brand ethos.

Our focus is on how our consumers feel, not just on who we are. The goal is to make our consumers feel that this brand becomes a part of their identity, allowing them to express themselves in the way they want. We've done extensive market research and found that the Indian consumer is evolving. Indian women today want to look good, feel good, and be themselves. This combination of hedonism and feeling good is what Indriya offers them.

The logo, a female figure, embodies the grace and beauty of women, symbolizing our connection with our potential consumers.

Craftsmanship is a key element of fine jewellery. How does Indriya aim to set itself apart in terms of ‘Karigaari’ and showcase the unique skills of Indian artisans?

There are two or three key points to consider. Our entire brand ethos and proposition are built on the fusion of tradition and modernity. The tradition comes from our heritage and craftsmanship. We are reviving some of the most historical forms of craftsmanship, such as natasha and meenakari. We are bringing a large number of artisans into our system, and they are designing products for us. Our designers, in turn, are giving these traditional crafts a contemporary touch, which is how we are building the brand.

The jewellery market in India is vast and competitive. How does Indriya plan to position itself within this dynamic market, and what opportunities do you foresee in the coming years?

There are two or three key points. First, it’s a big market, so there’s room for everyone to grow. One is not growing at the expense of the other; each has space to develop. This is largely due to the formalization of the market – about 65% of the market is still informal, which presents a huge growth opportunity.

We want to create a proposition that is distinct from what others are offering. One of our key goals is to be design-driven. For us, the product is the hero, so we will create designs that are exquisite and unique.

The second focus is tradition, specifically within the wedding segment. Almost 50% of Indian jewellery is focused on weddings, which is a $120 billion market. With 50% of India’s population under the age of 25, the growth potential is enormous. This is the segment we are targeting.

Third, while there is a need for a national jewellery brand, people also have strong local preferences. Our proposition is to be a national brand with a regional focus. We will create products tailored to regional requirements – whether it’s a wedding in Maharashtra, Punjab, or Bengal, we’ll design products specific to each region. We aim to be a national brand that caters to local tastes.

Lastly, we want to offer consumers a wider choice. We will have a much larger assortment than our competitors. These are the key pillars of our strategy, and we believe we have a distinctive offering. This positioning has been developed through extensive market research, having spoken to nearly 4,000 consumers.

Consumer preferences have been evolving, especially post-pandemic. What are some of the key trends you’re seeing in jewelry today, and how is Indriya catering to these changing consumer demands?

Historically, investment in jewellery has been driven by financial needs. However, with the growing influence of global trends, the Indian consumer is evolving. Jewellery is now shifting from being purely an investment to also making a statement. While investment remains a core aspect, consumers increasingly want to stand out and look different. That’s the evolving need, and I believe Indriya is well-positioned to cater to it.

So, while the element of investment security remains, the desire to look good, make a statement, and stand out is becoming more prominent. What I’m saying is that Indriya will help define my consumer’s identity – who she is and what she stands for. Each of my products will help her build and express that identity.

Could you share more about the store experience that Indriya offers? What can customers expect in terms of ambiance, design, and service when they walk into the store?

If you look at our designs, they are very different from those in a typical jewellery store. I believe jewellery is the result of an experience, not just a product. We are focusing on creating an immersive experience, where buying jewellery becomes a pleasure. The entire design of our stores, the technology we use, and the way our staff is trained are all aimed at providing a satisfying and fulfilling experience for the consumer, which naturally leads to purchasing jewelry. Once they experience this, they will want to return for more, creating a positive cycle.

We’ve put a lot of thought into our store designs. They are very different, pleasant, and enjoyable spaces. Considering that a typical wedding jewelry purchase can take three to four hours, we’ve paid close attention to details like the chairs, lighting, and overall atmosphere to ensure comfort.

Another unique feature of our stores is the wedding lounges. All our stores have a dedicated wedding lounge, which is important for customers buying wedding jewellery, especially when they come with large families. It provides privacy and comfort, something we’ve learned is crucial.

Lastly, we’ve invested significant time in training our staff. Jewellery, especially for weddings, is about relationships and reassurance. Our staff is highly skilled in building relationships, and we believe this will play a key role in the decision-making process.

The Mumbai store is just the beginning. How many stores have opened so far, and which cities are next on the expansion roadmap? Could you share more about your long-term growth strategy?

As I mentioned, we initially started with four stores on July 27, and we added one more store at the end of August in Ahmedabad, bringing the total to five. Today, we are launching three more stores – one in Borivali, one in Pune Baner, and one in Lajpat Nagar, Delhi – making it eight in total. We will add two more stores in Ghatkopar and Pimpri before Diwali, bringing the total to ten stores by Diwali.

By the end of March next year, we plan to have 25 stores, spread across 12 cities. Currently, most of our stores are in the North and West, but over time, we will expand into other geographies.