What: Galeries Lafayette’s Indian partner enters a new product category.

Why it is important: Jewellery is a booming market, and this could provide Galeries Lafayette with the access to a very profitable new category too.

The Aditya Birla Group is investing about US$605 million to enter the retail jewellery business with a new venture called 'Novel Jewels'. This move is part of their strategy to tap into the growing Indian jewellery market, projected to reach $90 billion by 2025.

Additionally, the group's fashion business recently acquired a 51% stake in TCNS Clothing, which owns ethnic brands W, Aurelia, Wishful, Folksong, and Elleven, for $202 million. The deal marked one of the country’s largest acquisitions in the Indian fashion industry.

Aditya Birla Group enters jewellery