Reliance to bring American luxury retailer Saks Fifth Avenue, enters into franchise agreement
Reliance Retail as part of its expansion into the luxury segment is introducing Saks Fifth Avenue, an American luxury department store chain to the Indian market… Its "premium brands business entered into India franchise arrangement for Saks Fifth Avenue," said Reliance Industries in its earning statement on Thursday.
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Saks Fifth Avenue an American luxury department store, is a premier destination for luxury fashion. Since its inception in 1924, it has featured an expertly curated assortment of fashion and highly personalised customer service.
It operates a network of 41 stores across North America.
«So to address the super Luxury segment in India, we entered into a franchise for India with Saks, Fifth Avenue, which is a global luxury retailer,» said Reliance Retail CFO Dinesh Taluja during the earnings call.
Reliance's Premium Brands business has also entered into a JV with Mothercare PLC to acquire the Mothercare brand and its IP assets for the Indian subcontinent. It has formed a Joint Venture with Mothercare plc, a global specialist in products for parents and young children.
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