The Mukesh Ambani-led Reliance Industries Ltd has recently opened its first in-house premium fashion and lifestyle store.
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In a bid to compete with Mango and Inditex-owned Zara, Azorte has launched its first store in Bengaluru aimed at Millennials and Generation 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 Reliance Retail’s Chief Executive Officer, Akhilesh Prasad.
Over the next nine months, the company plans to open 40 stores in 12 cities.
Announcing the store launch in Bangalore, Prasad told the audience that Azorte will contribute 15 percent of incremental revenue to Reliance Retail’s fashion and lifestyle division in three years.
With the new store chain, Reliance Industries is forging partnerships with domestic and international brands in the retail sector.
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Throughout the year, the company plans to develop a portfolio of up to 60 grocery, household and personal care brands. It is also in advanced negotiations to acquire the rights to LVMH’s Sephora brand in India.