Tiffany & Co. and Reliance Brands Limited, the luxury retail subsidiary of Mukesh Ambani’s Reliance Industries, announced plans to enter the Indian market. The New York-based luxury jeweller also teased the launch of its first comprehensive jewellery collection for men in October.
By Luxus Plus
Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in 2H 2020, capitalizing on its already strong image and brand awareness in this emerging and style conscious luxury market.
“As a global luxury jeweler with stores in many of the world’s most important cities, Tiffany’s emergence in these Indian commerce centers with their growing luxury consumer base presents a unique opportunity,” said Philippe Galtié, executive vice president of global sales, Tiffany & Co. “We are proud to work with India’s leader in luxury retail, RBL, to develop a meaningful presence and further expand our brand equity in this important market.”
Tiffany operates more than 320 stores in more than 25 countries with over 80 in Asia-Pacific, as well as ecommerce websites in 14 markets.
“Tiffany needs no introduction in India – it is iconic and timeless,” said Darshan Mehta, president & CEO of Reliance Brands. “We look forward to bringing Tiffany’s renowned jewelry collections and superlative diamonds to India.”
The New York-based luxury jeweller also teased the launch of its first comprehensive jewellery collection for men in October as the upscale chain taps into a trend popularised by the likes of Jay-Z and John Mayer.
The move is part of the Tiffany’s strategy to attract millennials and pump up sales, which have been dampened by a decline in spending by international tourists.
In the full year 2018, Tiffany’s worldwide net sales net sales rose 7% to $4.4 billion, and comparable sales rose 4% due to growth in all regions.
After struggling to adapt its 181-year-old American luxury jewelry brand, Tiffany seems to enter a new age.