Aditya Birla’s fashion unit to open Galeries Lafayette stores in India
BENGALURU, Nov 17 (Reuters) – Indian retailer Aditya Birla Fashion and Retail Ltd (ABFRL) (ADIA.NS) said it has partnered with Galeries Lafayette to open stores of the French luxury retailer in the country over the next next two years. three years.
The Indian company has announced that it will open two flagship stores – one in Mumbai by 2024 and another in New Delhi a year later – housing more than 200 luxury and designer brands. He added that he would also launch an e-commerce platform.
Aditya Birla Group’s retail and fashion unit and rival unit owned by billionaire Mukesh Ambani’s Reliance Industries Ltd (RELI.NS) have both shopped for high-end brands in recent years as they vie for a stronger presence in the fashion space.
Earlier this year, ABFRL purchased a 51% stake in House of Masaba Lifestyle and acquired exclusive rights to sell products from global sportswear brand Reebok in India.
ABFRL also bought a 51% stake in luxury bridal wear brand Sabyasachi last year, while Reliance Retail bought 52% of designer brand Ritu Kumar in October.
“The partnership with Galeries Lafayette is a resounding recognition of India’s importance as a global luxury market and future growth engine for luxury brands,” said ABFRL Managing Director Ashish Dikshit.
Galeries Lafayette chief executive Nicolas Houzé said the expansion into India is part of its goal to open 20 stores outside France by 2025, “with a primary focus on China, Asia and the Middle East”.
The luxury brand already has a network of 65 stores in France and abroad.
Aditya Birla also holds the rights to sell Forever 21, American Eagle Outfitters and Ralph Lauren branded clothing, among others, in the country.
Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman
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