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Fashion group SMCP, owner of French fashion labels Sandro and Maje, has said 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 luxury hotel outlets, high-end European labels are looking to extend their retail presence there in order to capitalise on the country’s strong economic growth and rapid rise in the number of local millionaires.
The financial specifics of SMCP’s relationship with Reliance Brands, which will become the exclusive distributor of Sandro and Maje in India, were not disclosed. According to Guichot, Reliance wants to open roughly ten stores selling SMCP brands in the next three to five years, beginning with the mall in Mumbai created 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.
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