Reuters | | Posted by Aryan Prakash
Reliance Industries Ltd’s retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India’s luxury market.
The new store chain called Azorte, the first of which was launched in Bengaluru, will compete with the likes of Mango and Industria de Diseno Textil SA-owned Zara, and cater to millenials and Gen Z.
“The mid-premium fashion segment is one of fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion,” Akhilesh Prasad, chief executive of the fashion and lifestyle arm of Reliance Retail, said.
The launch is a part of the Ambani company’s aggressive strides in the retail industry, forging partnerships with domestic and global brands.
The company plans to build a portfolio of 50 to 60 grocery, household and personal care brands within the year and is in advanced talks to get the rights for LVMH-owned French beauty brand Sephora in India.
Reliance’s luxury and lifestyle foray has been led by Ambani’s daughter Isha.