The prestigious American department store chain has just signed a partnership with Indian giant Reliance. For the conglomerate, owned by the Ambani family, this is not the first foray into luxury…
Saks Fifth Avenue department stores certainly have an appetite.
While its parent company, the Canadian Hudson’s Bay Company (HBC), swallowed up one of its prestigious American competitors, Neiman Marcus, at the end of December, Saks Fifth Avenue is now tackling a major market: India.
In order to penetrate this destination, which makes luxury goods salivate but is still handicapped by a number of obstacles (high customs duties, still emerging infrastructures, consumer habits, etc.), the prestigious chain is relying on a solid partner: Reliance Retail…
A solid partner
Reliance Retail is a subsidiary of the Reliance conglomerate, founded in 1966 by Dhirubhai Ambani, India’s second-largest group, which is present in a wide range of sectors, from petrochemicals and textiles to media, telecommunications, healthcare, energy, finance, construction and distribution.
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Read also > Saks swallows Neiman Marcus
Featured Photo: © DR
