Aditya Birla Fashion and Retail (ABFRL) and luxury French market department store chain Galeries Lafayette have joined up to launch premium department stores and a specialized e-commerce platform in India.
The Indian company said that it will open two flagship stores, holding more than 200 high-end designer labels, one in Mumbai by 2024 and the other in New Delhi a year later.
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The Aditya Birla Group's retail and fashion department and its competitor, Reliance Industries Ltd., owned by billionaire Mukesh Ambani, have both engaged in a premium brand acquisition spree in recent years as they vie for a larger foothold in the fashion industry.
ABFRL acquired a 51% share in House of Masaba Lifestyle at the beginning of this year and obtained the exclusive license to market Reebok items in India. Also, they bought a 51% stake in the high-end wedding clothing label Sabyasachi last year, and in October, Reliance Retail bought a 52% share in the fashion house, Ritu Kumar.
The Mumbai flagship store will be 90,000 sq. ft, and shall be operational by 2024. The Delhi store, on the other hand, will be of 65,000 sq. ft, and will be operational by 2025. As per the company, it will be housed at DLF Emporio, one of the city's preeminent malls.
These stores will have installations, popups, innovative events, and food and beverage explorations besides personal stylists and omnichannel-enabled connected shopping. Talking about the partnership, ABFRL's Managing Director, Aditya Dikshit, said: “The partnership with Galeries Lafayette is a ringing endorsement of India’s significance as a global luxury market and a future engine of growth for luxury brands.”
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(Source – Business Today)
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