New Delhi: Iconic American jeweller Tiffany & Co said it will enter the Indian market in partnership with billionaire Mukesh Ambani's Reliance Industries and plans to open its first store in Delhi this year and one in Mumbai next year.
Tiffany, which is known for its diamond engagement rings and robin's egg blue boxes, will be another marquee name to join the ever-growing portfolio of Reliance. In May, it had bought British toy-store chain Hamleys.
In a statement, Tiffany said it will enter the Indian market through a joint venture with Reliance Brands Ltd.
"Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in 2H 2020, capitalising on its already strong image and brand awareness in this emerging and style-conscious luxury market," the statement said.
Tiffany, which operates more than 320 stores in over 25 countries with over 80 in Asia-Pacific, as well as e-commerce websites in 14 markets, is targeting the world's second-biggest gold jewellery market.
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"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 Galti, 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."
Reliance Brands Chief Executive Officer Darshan Mehta said Tiffany needs no introduction in India -- it is iconic and timeless.
"We look forward to bringing Tiffany's renowned jewellery collections and superlative diamonds to India," he said.
Reliance Brands Ltd (RBL), which began operations in 2007, is part of the oil-to-telecom group Reliance Industries Ltd (RIL).
RBL's portfolio of brand partnerships includes Armani Exchange, Bottega Veneta, Brooks Brothers, Bullfrog, Burberry, Canali, Coach, DC, Diesel, Dune, Emporio Armani, Ermenegildo Zegna, G-Star Raw, Gas, Giorgio Armani, Hamleys, Hugo Boss, Hunkemoller, and Iconix.
It also comprises Jimmy Choo, Kate Spade New York, Kurt Geiger, Michael Kors, Mothercare, Muji, Paul & Shark, Paul Smith, Pottery Barn, Pottery Barn Kids, Quiksilver, Replay, Roxy, Salvatore Ferragamo, Satya Paul, Steve Madden, Superdry, Scotch & Soda, Thomas Pink, Tumi, Villeroy & Boch, West Elm and Womo.
RBL operates over 470 stores and 340 shop-in-shops in India.
In May 2019, RBL marked its first international foray by acquiring the British toy retailer, Hamleys. Globally, Hamleys has 170 stores across 18 countries.
