On Thursday, the retail unit of Reliance Industries Ltd opened its first in-house premium fashion and lifestyle store. The company, led by billionaire Mukesh Ambani continues to grab a larger slice of India’s luxury market.
The new Azorte chain of stores, the first of which was launched in Bangalore, will compete with Mango-owned Zara and Industria de Diseño Textil SA, catering to Millennials and Gen Z.
The mid-premium fashion segment is one of fastest growing consumer segments as millennials, and 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.
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.