People wearing face masks following the outbreak of COVID-19 are seen at a store of French luxury brand Balenciaga inside a shopping mall in Beijing, China, September 19, 2020. REUTERS/Tingshu Wang
MUMBAI, Aug 4 (Reuters) – India’s biggest retailer Reliance ( RELI.NS ) said on Thursday it had signed a long-term franchise deal with French fashion house Balenciaga, the latest in a string of deals the conglomerate has signed at prices high. Brand.
Reliance Brands Ltd (RBL), a unit of the conglomerate that also runs India’s largest retail chain, said in a statement that it would be Balenciaga’s sole partner in India.
“It is the most opportune time to introduce the brand in the country as the Indian luxury customer has matured and is using fashion as a form of creative expression of their individuality,” Darshan Mehta, managing director of RBL, said in the statement.
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Reliance, run by one of India’s richest men, Mukesh Ambani, has been on a deal-making spree, signing franchise deals with brands such as Valentino, Gap and British coffee and sandwich chain Pret A Manager.
Aiming for luxury growth, Reliance is building a shopping mall with dozens of outlets for centralized brands from Louis Vuitton to Guci, documents reviewed by Reuters showed in April.
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Reporting by Shilpa Jamkhandikar in Mumbai Editing by Bernadette Baum
Our Standards: The Thomson Reuters Trust Principles.
