Mumbai: Mukesh Ambani-controlled Reliance Brands will bring British shirt brand Thomas Pink, owned by French major Louis Vuitton Moet Hennessy (LVMH), to India as it looks to rapidly increase its presence in the fast-growing domestic premium-to-luxury fashion retail market.
Reliance Brands, a wholly-owned arm of Reliance Industries, and Thomas Pink Ltd have signed an exclusive long-term franchise agreement to set up stores which sell shirts and accessories of the British brand named after its founder Pink, an 18th century London tailor. The company will make a formal announcement on Friday.
"I can't think of a country most suited than India due to its British heritage and a society known for its affinity for shirts. We will leverage on the strength of LVMH, especially in the areas of marketing and real estate and also combine the strength of a partner like Reliance," said Jonathan Heilbron, president and CEO Thomas Pink.
The Mumbai-based premium-to-luxury fashion brands company will open its first Thomas Pink store this year in South Mumbai's upmarket location where shoppers scour for international brands in glitzy malls.
The brand will be sold at 5000-6000, pitting itself against the likes of Hugo Boss, Paul Smith in the 'affordable luxury market'. "The Thomas Pink is an interesting brand in laddering the aspirational Indian consumer towards luxury," says Darsha Mehta, president & CEO, Reliance Retail.
The Ambanis have signed two partnerships in less than a week, signalling their intention to scale up in the premium-to-luxury retail space after a low-profile beginning in 2007.
Ever since the opening of the first store in Mumbai's upscale Juhu area in April 2010, Reliance Brands has been on an expansion spree, opening a total of 60 stores, 20 each in the north, west and southern states.
In the process, the company has partnered with ten brands including big boys like Diesel, Hamleys, Ermenegildo Zegna, Kenneth Cole and Timberland. Less than a week ago, Reliance Brands struck a JV with Iconix Brand Group, grabbing the ownership rights of 20 international lifestyle brands.
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