New Delhi, Jan 16 (PTI) - Reliance Retail, the country's leading retailer, is making a bold move into the luxury segment by introducing Saks Fifth Avenue, an iconic American luxury department store chain, to the Indian market. This strategic expansion was revealed in Reliance Industries' earnings statement on Thursday.
Saks Fifth Avenue, known for its exquisite collection of luxury fashion items and exceptional customer service, has been a premier destination for discerning shoppers since its establishment in 1924. With a network of 41 stores across North America, Saks Fifth Avenue is synonymous with elegance and sophistication.
"To cater to the super luxury segment in India, we have partnered with Saks Fifth Avenue, a renowned global luxury retailer, to bring their exclusive offerings to the Indian consumers," stated Reliance Retail CFO Dinesh Taluja during the earnings call.
In addition to the collaboration with Saks Fifth Avenue, Reliance's Premium Brands business has also joined forces with Mothercare PLC to acquire the Mothercare brand and its intellectual property assets for the Indian subcontinent. This move further strengthens Reliance's presence in the premium segment, catering to parents and young children.
Previously, Reliance Retail successfully introduced the iconic American jeweler Tiffany & Co to the Indian market through a partnership. The company has also expanded its portfolio with the launch of luxury fashion brands Sandro and EL&N Cafes, a London-based restaurant chain, in India.
Moreover, Reliance Retail is venturing into the FMCG segment, aiming to establish itself as a significant player in the industry. Its consumer brands have shown impressive growth, surpassing the Rs 8,000-crore revenue milestone in the first nine months of FY25. Brands like Campa & Independence are gaining popularity in the sparkling beverage category, with a projected turnover of over Rs 1,000 crore each in FY25.
With a strong focus on consumer brands and general trade channels, Reliance Retail is on a mission to solidify its position as a major player in the FMCG sector.
