New Delhi: Reliance Brands, a subsidiary of Mukesh Ambani-led Reliance Retail, is scouting for acquisition in the domestic market, besides launching its own luxury label in the next 18 months.
The company, which at present predominantly focusses on men’s range, plans to focus on women and kidswear categories.
“We have become serious about launching our own brand and have already started work on that and dedicating resources on the same. If everything goes as planned, in the next 18 months it should get going,” Reliance Brands president and CEO Darshan Mehta told PTI.
The company is also in discussions with a few existing Indian companies operating in apparel, footwear and accessories space for an acquisition.
“The due diligence is for the acquisition,” Mehta said without specifying details.
When asked what would be the focus of the company in case of an acquisition or launch of an own label, Mehta said women and children are the two categories, which could be looked at.
Launched in 2007, Reliance Brands has joint ventures with Diesel, Zegna and Timberland. It is also a licensee for Italy’s fashion brand Paul & Shark.
The company opened the first outlet for Diesel in March this year and plans to gradually expand the reach of existing brands in its kitty.
“We are not in a hurry to scale up the operations. The company is still in investment mode and the focus is to partner with strong brands,” Mehta said.
“In the next two years we are likely to announce tie-ups with two more international brands,” he added without mentioning the names.
On the expansion of the existing labels, Reliance Brands plans to have three more Diesel stores, 10 outlets for Timberland, five outlets for Zegna and four stores for Paul & Shark.
Mehta, however, did not reveal the investment planned for the expansion of these brands in the country.