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.
According to Akhilesh Prasad, CEO of Reliance Retail’s fashion and lifestyle division, ‘the mid-premium fashion market is one of the fastest growing consumer segments as millennials and the Gen Z are increasingly seeking the latest of international and contemporary Indian fashion.’
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 luxury and lifestyle venture.