Reliance Brands to bring Tiffany to India

Reliance Brands to bring Tiffany to India

Tiffany & Co. and Reliance Brands announced plans to enter the India market, the company said in a statement Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal second half of 2019 and Mumbai in second half 2020, capitalizing on its already strong image and brand awareness in this emerging and style-conscious luxury market.

“As a global luxury jeweler with stores in many of the world’s most important cities, Tiffany’s emergence in these Indian commerce centers with their growing luxury consumer base presents a unique opportunity,” said Philippe Galtié, executive vice president of global sales, Tiffany & Co. “We are proud to work with India’s leader in luxury retail, RBL, to develop a meaningful presence and further expand our brand equity in this important market.”

Tiffany operates more than 320 stores in more than 25 countries with over 80 in Asia-Pacific, as well as e-commerce websites in 14 markets. “Tiffany needs no introduction in India – it is iconic and timeless,” said Darshan Mehta, president & CEO of Reliance Brands. “We look forward to bringing Tiffany’s renowned jewelry collections and superlative diamonds to India.”

Reliance Industries operates its retail business through Reliance Retail Ventures, the holding company for Reliance Retail and Reliance Brands. As per some media reports, parent company Reliance Industries has plans of listing Reliance Retail soon. 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.

Tiffany & Co.’s worldwide net sales in the first quarter of 2019 declined 3% year-on-year to $1 billion and its net earnings of $125 million were 12% lower than that a year ago. CEO Alessandro Bogliolo said at the time of announcement of earnings figures that the company’s first quarter results reflected significant foreign exchange headwinds and dramatically lower worldwide spending attributed to foreign tourists. In Asia Pacific, the company’s total net sales declined 1% to $ 324 million.

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