Reliance Brands, a subsidiary of India’s giant Reliance Industries that is involved in a range of businesses from petrochemicals through mobile phone networks to retail, has signed a deal to bring iconic American jewellery brand Tiffany & Co. to India, the Economic Times reported, quoting ‘people with knowledge of the matter’.
Besides Tiffany & Co., Reliance Brands has signed up to bring American lifestyle label Tory Burch to India, and both brands will be launched at Mumbai’s Jio World Centre mall, which is scheduled to open in April next year, the paper quoted its sources as saying.
The newspaper said that Tiffany & Co. however, declined comment, with a spokesperson stating in response to an email, "As per our policy on rumours and speculation, we politely decline to comment.”
If the report is confirmed, this will be New York City-headquartered Tiffany & Co.’s third attempt to establish a presence in the Indian market. Its first franchising arrangement with a local jeweller, through which a store was opened in Mumbai’s Oberoi hotel years ago, was unsuccessful. Besides the US, the company’s stores are present in China, Australia, Canada, France, UK, Hong Kong, Japan, and the UAE.
Tory Burch, the label owned, operated and founded by eponymous designer Tory Burch retails women’s clothing, shoes, handbags and other accessories, and is sold at speciality stores worldwide including Saks Fifth Avenue, Harrods, Bergdorf Goodman, Bloomingdale’s and Nordstrom.
Reliance Industries operates its retail business through Reliance Retail Ventures, the holding company for Reliance Retail and Reliance Brands. Reliance Retail, according to its website, has a portfolio of more than 40 international brands that span luxury, bridge to luxury, high premium and high street lifestyle. The company operates 661 stores for these international brands.