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BENGALURU, Sept 29 (Reuters) – Reliance Industries Ltd’s ( RELI.NS ) retail unit launched its first domestic premium fashion and lifestyle store on Thursday, as the company led by billionaire Mukesh Ambani continues to capture a bigger slice of India’s luxury market. .
Azorte, the new store chain that first launched in Bengaluru, competes with Zara ( ITX.MC ), owned by the likes of Mango and Industria de Diseno Textiles SA, and is targeting millennials and Gen Z.
“The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and Gen Z are looking for the latest international and contemporary Indian fashion,” said Akhilesh Prasad, CEO, Fashion & Lifestyle, Reliance Retail.
The launch marks the Ambani company’s aggressive move into the retail industry to forge partnerships with local and international 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 acquire the rights to LVMH-owned French beauty brand Sephora in India.
Reliance Luxury and Lifestyle is headed by Ambani’s daughter Isha.
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It is reported by Nandan Mandayam and Nivedita Bhattacharjee in Bengaluru
Our Standards: The Thomson Reuters Trust Principles.
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