BENGALURU (Reuters) -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 (Inditex)-owned Zara, and cater to millenials and Gen Z. "The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion," said Akhilesh Prasad, chief executive officer of the fashion and lifestyle arm of Reliance Retail.
India's bigger retailer Reliance said on Thursday that had signed a long-term franchise deal with French fashion house Balenciaga, the latest in a flurry of deals the conglomerate has signed with high-end brands. Reliance Brands Ltd (RBL), a unit of the conglomerate that also runs India's biggest retail chain, said in a statement it would be Balenciaga's sole partner in India.
Italian fashion house Valentino will open its first mono-brand stores in India after signing a distribution agreement with the country's biggest retailer Reliance, the companies said in a joint statement on Thursday. Though small for a country of its size, India's luxury market is set to be one of the fastest growing in the industry. The group - founded in Rome in 1960 and now controlled by Qatari investment vehicle Mayhoola - already sold its high-end products in India, but only through multi-brand stores.