Reliance Brands has signed a deal to bring iconic American jewellery brand Tiffany & Co. to India, said 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, they said.
A subsidiary of Reliance Industries, Reliance Brands sells luxury labels such as Ermenegildo Zegna, Brooks Brothers and Bally in India. In response to ET’s queries, Reliance Brands said it does not comment on “speculative news”.
“As per our policy on rumors and speculation, we politely decline to comment,” said a spokesperson from Tiffany. An email sent to Tory Burch remained unanswered at press time on Tuesday.
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. 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.