Reliance Brands ties up with US-based Brooks Brothers

Reliance Industries' retail arm, Reliance Brands, announced the formation of a joint venture with US-based retailer Brooks Brothers today.

Through this JV, Brooks Brothers' merchandise, which includes premium apparel and accessories for men and women, will be available through 5 mono-brand stores in Mumbai, New Delhi, Bangalore, Chennai and Chandigarh.

The first store is set to open by the end of this year and the remaining 4 in 2013.

Coming to the financial contours of this JV; while Reliance Brands refused to divulge the size of the deal, sources say it could be pegged at Rs 25-30 crore.

Brooks Brothers will own 51% stake in the JV company with and Reliance Brands will own the remaining 49%.

At the moment, the JV company is operating under the name In Vogue Brand Solutions. Post statutory approvals, the company name will change to one that incorporates the names of both partners.