Reliance Brands, which has partnered with America’s iconic jewellery brand Tiffany, is set to launch the first store in January 2020, said Darshan Mehta, President and Chief Executive Officer, Reliance Brands.
“We are launching first Tiffany store at Chanakya Mall in Delhi in January 2020,” Mehta said but he did not disclose Mumbai launch plans. He was speaking on the side-lines of India Retail Forum 2019 held in Mumbai.
Tiffany is popular for its engagement rings and robin egg blue boxes. It operates in more than 320 stores in over 25 countries.
Reliance Brands already runs high-end stores in India with some 40 foreign partners, including British label Burberry, shoemaker Steve Madden and New York-based Iconix Brand Group Inc, through joint ventures and franchises.
Reliance Brands that launched a new retail initiative ‘The White Crow’ in Ahmedabad Chandigarh and Hyderabd has signed two more ‘White Crow’. It will be operational by March-April 2020, taking the total number of White Crow to five, Mehta said.
Ahmedabad ‘White Crow’ is a multi-brand store is spread across 8,000 sqft with 5,300 sqft of retail space with 2600 sqft of cafe space.
It gives a multi-sensory experience to customers looking for premium offerings.
In terms of expansion, overall Reliance Brands is planning to open 100 stores in the current financial year.
“We are scheduled to open 100 stores in the current year (Apr-March 2019-20), and we are on our target to open 100 plus stores across our portfolio brands, crossing 700 stores,” Mehta said.
Reliance Brands that wrapped up its first international acquisition in May, buying Hamleys, - the world's oldest toy retailer – for $88.5 million has opened 25 Hemleys stores between April until September.
Speaking on the festive season, Mehta said festive season did not impact fashion.
“If one likes a top or a footwear when you visit a mall you will pick it up and not wait for Diwali or any other festival. Festive season is only relevant to urban India for big ticket items like car or any white goods or brown goods.”
Mehta said the demand for fashion in top 25 cities was not dependent on festivals.
Reliance Brands is also looking to add more geographies and more franchise partners.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
