9.6 C
London
Wednesday, February 21, 2024
HomeBusinessFrench fashion firm strikes deal with Reliance

French fashion firm strikes deal with Reliance

Date:

Related stories

Asian business among 524 companies fined for flouting minimum wage norms

ASIAN entrepreneur Ranjit Boparan’s 2 Sisters Food Group Limited...

Barclays focuses on Britain, cost cuts, buybacks to woo investors

Barclays laid out a three-year plan to revive its...

Indian delegation heads to London for FTA talks

With the negotiations for the proposed India-UK free trade...

‘Asian talent at forefront of Cambridge tech-hub growth’

CAMBRIDGE does not need to become Britain’s Silicon Valley...

Former Goldman Sachs analyst convicted for insider trading

A former Goldman Sachs analyst was convicted in a...

FASHION group SMCP, owner of French fashion labels Sandro and Maje, said on Thursday (30) it signed a deal with Reliance to expand into India and will join other high-end European brands opening stores in the Jio World Plaza mall in Mumbai.

“There aren’t a lot of accessible luxury fashion labels in India so we think it’s time to be pioneering,” said SMCP CEO Isabelle Guichot, citing India’s wealth and growing population of younger generations among reasons for entering the country.

After years of testing the Indian market with outlets in luxury hotels, high-end European labels are seeking to expand their retail presence there to tap its strong economic growth and a rapid rise in the number of local millionaires.

SMCP did not disclose the financial terms of its partnership with Reliance Brands, which will become the exclusive distributor in India of Sandro and Maje. Reliance plans to open around 10 stores selling the SMCP brands in the next three to five years, said Guichot, starting with the mall in Mumbai developed by Indian tycoon Mukesh Ambani.

Reliance Brands, a subsidiary of Ambani’s Reliance Retail Ventures, has partnership deals with dozens of high-end European and American labels, including Bottega Veneta, Burberry, Valentino and Tiffany.

(Reuters)

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories