Reliance Brands Ltd (RBL) has entered into a joint venture with the iconic luxury jeweller Tiffany & Co to enter the India market. As part of the plan, Tiffany plans to open new stores in Delhi in the second half of fiscal 2019 and in Mumbai in 2020.
According to a press release, Tiffany will capitalise on the already strong image and brand awareness in this emerging and style-conscious luxury market.
“As a global luxury jeweller with stores in many of the world’s most important cities, Tiffany’s emergence in these Indian commerce centres 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,” he said.
US-headquartered Tiffany, which was founded in 1837, operates more than 320 stores in more than 25 countries with over 80 in the APAC region, as well as ecommerce websites in 14 markets.
“Tiffany needs no introduction in India – it is iconic and timeless,” said Darshan Mehta, President & CEO of RBL. “We look forward to bringing Tiffany’s renowned jewellery collections and superlative diamonds to India.”
Tiffany and its subsidiaries design, manufacture, and market jewellery, watches, and luxury accessories – employing more than 5,000 artisans who cut diamonds and craft jewellery.
RBL is a part of the conglomerate Reliance Industries Ltd, and began its operations in 2007 to launch and build international and domestic brands across in fashion & lifestyle space in the premium and luxury segment. It operates over 470 stores and 340 shop-in-shops in India.
In May 2019, RBL marked its first international foray by acquiring the British toy retailer Hamleys. Globally, Hamleys has 170 stores across 18 countries.