1 min read.Updated: 24 Sep 2019, 06:42 PM ISTBidya Sapam
Reliance Brands CEO Darshan Mehta said the firm is opening the first Tiffany store in January 2020 at Chanakya Mall in Delhi
In August this year, the Mukesh Ambani-group company entered into a partnership with Tiffany & Co for bringing the jewellery brand to India
Mumbai:Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd, is gearing up to open the first store of the iconic American jeweller Tiffany & Co in India at Delhi's The Chanakya Mall in January.
In August this year, the Mukesh Ambani-group company entered into a partnership with Tiffany & Co for bringing the jewellery brand to India.
"We are opening the first Tiffany store in January, 2020 at Chanakya Mall in Delhi," said Darshan Mehta, chief executive officer (CEO), Reliance Brands Ltd on the sidelines of the India Retail Forum 2019 held in Mumbai.
Tiffany is one of the latest brands that the Mumbai-based firm has added to its growing portfolio of luxury and premium fashion labels. Earlier this year, the company bought out British toy retailer Hamleys for GBP 67.96 million (about ₹620 crore) in an all-cash deal.
At present, the company manages over 60 brands including Kate Spade, Muji, Steve Madden, Superdry, Diesel, Hunkemoller, Iconix, Juicy Couture, among others. It also has 420 single-brand stores and retails via 350 shop-in-shops in India.
Mehta said despite the slowdown in consumption and overall economy, the company's expansion plans and new store openings are on track. "We do not measure our business on a quarter to quarter basis. We see long term trends..We are scheduled to open 100 stores in the current year across our portfolio," he said.