Reliance Brands has signed a deal to bring iconic American jewellery brand Tiffany & Co. to India, said people with knowledge of the matter.
Besides Tiffany & Co., Reliance Brands has signed up to bring American lifestyle label Tory Burch to India, and both brands will be launched at Mumbai’s Jio World Centre mall, which is scheduled to open in April next year, they said.
A subsidiary of Reliance Industries NSE -0.46 %, Reliance Brands sells luxury labels such as Ermenegildo Zegna, Brooks Brothers and Bally in India.
In response to ET’s queries, Reliance Brands said it does not comment on “speculative news”.
"As per our policy on rumors and speculation, we politely decline to comment," said a spokesperson from Tiffany. An email sent to Tory Burch remained unanswered at press time on Tuesday.
This will be New York City-headquartered Tiffany & Co.’s third attempt to establish a presence in the Indian market. Its first franchising arrangement with a local jeweller, through which a store was opened in Mumbai’s Oberoi hotel years ago, was unsuccessful. Besides the US, the company’s stores are present in China, Australia, Canada, France, UK, Hong Kong, Japan, and the UAE.
Courtesy: Economic Times