India's Reliance launches first in-house premium fashion store [Reuters]
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Source: Reuters
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-owned Zara (ITX.MC) , and cater to millenials and Gen 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 Ambani company's aggressive strides in the retail industry, forging partnerships with domestic and global brands. read more The company plans to build a portfolio of 50 to 60 grocery, household and personal care brands within the year and is in advanced talks to get the rights for LVMH-owned French beauty brand Sephora in India. Reliance's luxury and lifestyle foray has been led by Ambani's daughter Isha. Reporting by Nandan Mandayam and Nivedita Bhattacharjee
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