India's Reliance Industries Ltd is embarking on a new partnership that will probably make jewellery enthusiasts ecstatic.
Reliance Industries is partnering with the iconic US-based luxury jewellery Tiffany & Co to open a line of stores in the country, adding another marquee name to its growing portfolio of brands.
"As a global luxury jeweller with stores in many of the world's most important cities, Tiffany's emergence in these Indian commerce centres with their growing luxury consumer base presents a unique opportunity," said Philippe Galtié, executive vice-president of global sales, Tiffany & Co.
Tiffany is popular worldwide for its engagement rings and and robin’s egg blue boxes. The company said they plan to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively.
‘Proud to Work With India’s Leader in Luxury Retail’
Established in 1837, Tiffany and Co revolutionised the creation and consumption of jewellery, be it silver, china crystal, even fragrances.
Audrey Hepburn made the Manhattan store quite famous in 1961 when 'Breakfast at Tiffany's' was released. It quickly came to be known for its diamond engagement rings as well.
“We are proud to work with India's leader in luxury retail, RBL, to develop a meaningful presence and further expand our brand equity in this important market," Reliance Brands Chief Executive Officer Darshan Mehta said Tiffany needs no introduction in India — it is iconic and timeless.
He added, “We look forward to bringing Tiffany's renowned jewellery collections and superlative diamonds to India.”
For Tiffany, the deal represents its latest effort to expand globally as it battles subdued demand in the United States and Europe, according to Reuters.
RBL's portfolio of brand partnerships includes Armani Exchange, Bottega Veneta, Brooks Brothers, Bullfrog, Burberry, Canali, Coach, Hamleys, Hugo Boss, and Scotch & Soda among others.
(With inputs from PTI, Reuters)
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