Reliance Industries Ltd's, retail arm Reliance Brands, is partnering with iconic US-based luxury jeweller Tiffany & Co to open a line of stores in the country. The two companies announced in a statement last week that they plan to open new stores in Delhi in the second half of the year with more to follow in Mumbai in 2020.
Tiffany, which is known for its diamond engagement rings and robin's egg blue boxes, will be another marquee name to join the ever-growing portfolio of Reliance. In May, it had bought British toy-store chain Hamleys. In a statement, Tiffany said it will enter the Indian market through a joint venture with Reliance Brands Ltd.
"Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in 2H 2020, capitalising on its already strong image and brand awareness in this emerging and style-conscious luxury market," the statement said. Tiffany, which operates more than 320 stores in over 25 countries with over 80 in Asia-Pacific, as well as e-commerce websites in 14 markets, is targeting the world's second-biggest gold jewellery market.
Reliance Brands Ltd (RBL), which began operations in 2007, is part of the oil-to-telecom group Reliance Industries Ltd (RIL). RBL's portfolio of brand partnerships includes Armani Exchange, Bottega Veneta, Brooks Brothers, Bullfrog, Burberry, Canali, Coach, DC, Diesel, Dune, Emporio Armani, Ermenegildo Zegna, G-Star Raw, Gas, Giorgio Armani, Hamleys, Hugo Boss, Hunkemoller, and Iconix
It also comprises Jimmy Choo, Kate Spade New York, Kurt Geiger, Michael Kors, Mothercare, Muji, Paul & Shark, Paul Smith, Pottery Barn, Pottery Barn Kids, Quiksilver, Replay, Roxy, Salvatore Ferragamo, Satya Paul, Steve Madden, Superdry, Scotch & Soda, Thomas Pink, Tumi, Villeroy & Boch, West Elm and Womo. RBL operates over 470 stores and 340 shop-in-shops in India. In May 2019, RBL marked its first international foray by acquiring the British toy retailer, Hamleys. Globally, Hamleys has 170 stores across 18 countries.
(Inputs from Agencies)