France's SMCP strikes deal with Reliance to expand into India
Reuters
Published Nov 30, 2023 07:03
PARIS (Reuters) - Fashion group SMCP, owner of French fashion labels Sandro and Maje, said on Thursday it signed a deal with Reliance to expand into India and will join other high-end European brands opening stores in the Jio World Plaza mall in Mumbai.
"There aren't a lot of accessible luxury fashion labels in India so we think it's time to be pioneering," said SMCP CEO Isabelle Guichot, citing India's wealth and growing population of younger generations among reasons for entering the country.
After years of testing the Indian market with outlets in luxury hotels, high-end European labels are seeking to expand their retail presence there to tap its strong economic growth and a rapid rise in the number of local millionaires.
SMCP did not disclose the financial terms of its partnership with Reliance Brands, which will become the exclusive distributor in India of Sandro and Maje. Reliance plans to open around 10 stores selling the SMCP brands in the next three to five years, said Guichot, starting with the mall in Mumbai developed by Indian tycoon Mukesh Ambani.
Reliance Brands, a subsidiary of Ambani's Reliance Retail Ventures, has partnership deals with dozens of high-end European and American labels, including Bottega Veneta, Burberry, Valentino and Tiffany.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.