BENGALURU, Sept 29 (Reuters) – The retail unit of Reliance Industries Ltd (RELI.NS) launched its first high-end fashion and lifestyle store on Thursday, as the company run by billionaire Mukesh Ambani continues to capture a larger share of the Indian luxury market. .
The new retail chain called Azorte, the first of which was launched in Bengaluru, will compete with Zara (ITX.MC), owned by Mango and Industria de Diseno Textil SA (Inditex), and will cater to millennials and the generation Z.
“The mid-range fashion segment is one of the fastest growing consumer segments as Millennials and Generation Z increasingly demand the latest in international and contemporary Indian fashion,” said said Akhilesh Prasad, Managing Director of Fashion and Lifestyle at Reliance Retail. .
The company plans to have up to 40 stores in 12 cities over the next nine months, he added.
In three years, Azorte will contribute 15% of additional revenue from Reliance Retail’s fashion and lifestyle business, Prasad said at the store’s launch in Bangalore.
The new chain of stores is part of Reliance Industries’ aggressive moves into the retail sector, forging partnerships with national and global brands. Read more
The company plans to build a portfolio of 50-60 grocery, household and personal care brands this year and is in advanced talks to secure the rights to LVMH-owned French beauty brand Sephora in India.
Reliance’s foray into luxury and lifestyle was led by Ambani’s daughter, Isha.
Reporting by Nandan Mandayam and Nivedita Bhattacharjee in Bengaluru; Editing by Rashmi Aich
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