On Thursday, the retail division of Mukesh Ambani's Reliance Industries Ltd. opened its first in-house premium fashion and lifestyle store as it works to increase its share of the luxury market.
The first of a new chain of stores called Azorte, which was opened in Bengaluru, will compete with Zara and Industria de Diseno Textil SA-owned Mango and target Millenials and Generation Z.
"The mid-premium fashion segment is one of fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion," Akhilesh Prasad, chief executive of the fashion and lifestyle arm of Reliance Retail, said.
The launch is a part of the Mr. Ambani company's bold moves in the retail sector, creating alliances with national and international companies.
Within a year, the business aims to amass a portfolio of 50 to 60 grocery, home, and personal care brand names. It is also in advanced negotiations to acquire the Indian distribution rights for Sephora, a French beauty brand owned by LVMH.
Isha Ambani, the Ambani family's daughter, is in charge of Reliance's a luxury and lifestyle venture.
Reliance Retail, a subsidiary of Reliance Retail Ventures Ltd, the holding company of all retail companies in the group, reported a turnover of Rs 199,704 crore and a net profit of Rs 7,055 crore for the year ended March 2022. The firm has opened over 2,500 stores this year alone to take its count to over 15,000, spanning an operational area of 42 million square feet.