Tiffany & Co. and Reliance Brands Limited announced plans to enter the Indian market.
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Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in 2H 2020, capitalizing on its already strong image and brand awareness in this emerging and style conscious luxury market.
“As a global luxury jeweler with stores in many of the world’s most important cities, Tiffany’s emergence in these Indian commerce centers with their growing luxury consumer base presents a unique opportunity,” said Philippe Galtié, executive vice president of global sales, Tiffany & Co.
“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,” he continued.
Tiffany operates more than 320 stores in more than 25 countries with over 80 in Asia-Pacific, as well as e-commerce websites in 14 markets.
“Tiffany needs no introduction in India – it is iconic and timeless,” said Darshan Mehta, president & CEO of Reliance Brands.
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“We look forward to bringing Tiffany’s renowned jewelry collections and superlative diamonds to India,” he added.
(Source: Yahoo Finance)