France's SMCP strikes deal with Reliance to expand into India

Ambani Orgochem

30/11/2023 07:00

PARIS, Nov 30 (Reuters) - Fashion group SMCP  SMCP.PA ,
owner of French fashion labels Sandro and Maje, said on Thursday
it signed a deal with Reliance to expand into India and will
join other high-end European brands opening stores in the Jio
World Plaza mall in Mumbai.
    "There aren't a lot of accessible luxury fashion labels in
India so we think it's time to be pioneering," said SMCP CEO
Isabelle Guichot, citing India's wealth and growing population
of younger generations among reasons for entering the country. 
    After years of testing the Indian market with outlets in
luxury hotels, high-end European labels are seeking to expand
their retail presence there to tap its strong economic growth
and a rapid rise in the number of local millionaires.
    SMCP did not disclose the financial terms of its partnership
with Reliance Brands, which will become the exclusive
distributor in India of Sandro and Maje. Reliance plans to open
around 10 stores selling the SMCP brands in the next three to
five years, said Guichot, starting with the mall in Mumbai
developed by Indian tycoon Mukesh Ambani. 
    Reliance Brands, a subsidiary of Ambani's Reliance Retail
Ventures, has partnership deals with dozens of high-end European
and American labels, including Bottega Veneta, Burberry,
Valentino and Tiffany.  

 (Reporting by Mimosa Spencer; Editing by Tom Hogue)
 ((Mimosa.Spencer@thomsonreuters.com;))