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 luxury and lifestyle venture.
