With retail expansion spreading its roots in the Indian subcontinent, Reliance Brands Limited has recently announced working in this aspect through inking a long-term strategic partnership deal with Balenciaga.
This deal would enable the Indian-retail brand to bring Balenciaga to the Indian apparel market, which according to credible reports is anticipated to be worth USD 59.3 billion this year.
It has been reported that the two companies have signed a long-term franchise agreement for Reliance Brands to become its only partner in the country. Apparently, the novel agreement is RBL’s second brand with the French luxury group Kering.
For the record, Kering currently houses some of the well-known luxury brands such as Gucci, Saint Laurent, Bottega Veneta, and Alexander McQueen, amongst others.
While commenting on the latest accomplishment, MD of Reliance Group Company, Darshan Mehta stated that this is a perfect time for the firm to introduce the brand to the country as the Indian luxury customer base has developed and is now making use of fashion as a form of creative expression of their respective individualities.
Darshan further added that Balenciaga’s creations, consequent cult in fashion industry, and bold use of the logo has already created a strong foothold worldwide. This is expected to be beneficial for RBL and the luxury brand customers of India.
Reliance Brands Limited is a part of Reliance Retail Ventures Ltd and rolled out its functions in 2007, with a concept of introducing and building global luxury brands to premium segments across lifestyle and fashion.
Of late, the Reliance brands have been on an acquisition and partnership spree. In July, the firm inked an extended distribution pact with Valentino- Italian luxury brand- to tap its presence in the Indian market. Moreover, the company has also invested in different Indian labels such as Anamika Khanna and Manush Malhotra.