Tiffany partners with Mukesh Ambani's RIL to open stores in India
Tiffany may also benefit from Ambani’s ambitions to set up an e-commerce platform in India to rival Amazon
In May, Reliance Industries agreed to purchase British toy-store chain Hamleys
Iconic American jeweler Tiffany & Co. is partnering with Mukesh Ambani’s conglomerate to gain a foothold in the lucrative Indian market. The New York-based jeweler plans to form a joint venture with a retail unit of billionaire Ambani’s Reliance Industries Ltd. to open stores in Delhi and Mumbai by 2020, according to a statement Wednesday. Tiffany is targeting the world’s second-biggest gold jewelry market where some consumers are moving away from the traditional Indian ornaments.