Iconic American jeweler Tiffany & Co mentioned it’ll enter the Indian market in partnership with billionaire Mukesh Ambani & # 39; s Reliance Industries and plans to open its first retailer in Delhi this yr and one in Mumbai subsequent yr.
Tiffany, recognized for her diamond engagement rings and Robin's blue egg packing containers, might be one other code title to hitch Reliance's rising portfolio. In Could, he had purchased the British chain of toy shops Hamleys.
In an announcement, Tiffany mentioned it’ll enter the Indian market by means of a three way partnership with Reliance Manufacturers Ltd.
"By a three way partnership, Tiffany plans to open new shops in Delhi in 2H 2019 and Mumbai in 2H 2020, capitalizing on its already sturdy picture and model consciousness on this rising and style-conscious luxurious market," he mentioned. launch.
Tiffany, which operates greater than 320 shops in additional than 25 nations with greater than 80 in Asia-Pacific, in addition to e-commerce web sites in 14 markets, factors to the world's second largest gold jewellery market.
"As a worldwide luxurious jeweler with shops in most of the world's most essential cities, the emergence of Tiffany in these industrial facilities of India with its rising luxurious shopper base presents a novel alternative," mentioned Philippe Galtié, govt vice chairman of world gross sales, Tiffany & Co.
"We’re proud to work with India's chief in luxurious retail, RBL, to develop a major presence and additional increase the worth of our model on this essential market."
Reliance Manufacturers CEO Darshan Mehta mentioned that Tiffany wants no introduction in India, it’s iconic and timeless.
"We hope to carry Tiffany's well-known superlative jewellery and diamond collections to India," he mentioned.
Reliance Manufacturers Ltd (RBL), which started operations in 2007, is a part of the Reliance Industries Ltd (RIL) telecommunications oil group.
The RBL model affiliation portfolio consists of Armani Alternate, Bottega Veneta, Brooks Brothers, Bullfrog, Burberry, Canali, Coach, DC, Diesel, Dune, Emporio Armani, Ermenegildo Zegna, G-Star Uncooked, Fuel, Giorgio Armani, Hamleys, Hugo Boss, Hunkemoller and Iconix
It additionally consists of Jimmy Choo, Kate Spade New York, Kurt Geiger, Michael Kors, Mothercare, Muji, Paul & Shark, Paul Smith, Pottery Barn, Pottery Barn Youngsters, Quiksilver, Replay, Roxy, Salvatore Ferragamo, Satya Paul, Steve Madden, Superdry, Scotch & Soda, Thomas Pink, Tumi, Villeroy & Boch, West Elm and Womo.
RBL operates greater than 470 shops and 340 shops in India.
In Could 2019, RBL marked its first worldwide incursion by buying the British toy retailer, Hamleys. Worldwide, Hamleys has 170 shops in 18 nations.
"Reliance Industries Ltd. is the one beneficiary of Impartial Media Belief that controls Community18 Media & Investments Ltd."Subscribe to Moneycontrol Professional and get entry to knowledge from chosen markets, unique enterprise suggestions, impartial capital evaluation, actionable funding concepts, nuanced photographs of macro, company and political actions, sensible concepts from market gurus and rather more.