PremiumThe Aditya Birla Fashion and Retail Ltd (ABFRL) and Galeries Lafayette have entered into a partnership to open stores of the French luxury retailer in India in the next two to three years, news agency Reuters quoted the Indian retailer ABFRL as saying on 17 November.
As per the deal, the Indian firm would open two flagship stores - one in Mumbai by 2024 and another in New Delhi a year later - housing over 200 luxury and designer brands. It will also launch an e-commerce platform.
Recently, the rival unit owned by billionaire Mukesh Ambani's Reliance Industries Ltd and the retail and fashion unit of Aditya Birla group have both gone on a shopping spree for premium brands in the past few years as they compete for a stronger foothold in the fashion space.
In 2022 only, ABFRL bought a 51% stake in House of Masaba Lifestyle and picked up exclusive rights to sell global sportswear brand Reebok's products in India.
Earlier in 2021, ABFRL also bought a 51% stake in luxury wedding wear brand Sabyasachi. On the other hand, Reliance Retail bought 52% of designer label Ritu Kumar in October.
"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," Reuter's quoted ABFRL's Managing Director Ashish Dikshit as saying.
Mwanwhile, Galeries Lafayette Chief Executive Nicolas Houzé said the expansion to India is a part of its aim to set up 20 stores outside France by 2025, "with a primary focus on China, Asia, and the Middle East".
Currently, the luxury retailer already has a network of 65 stores in France and abroad.
While, Aditya Birla also owns rights to sell branded clothes from Forever 21, American Eagle Outfitters, and Ralph Lauren, among others, in India.
With Reuters inputs.