Reliance Brands ‘well positioned’ to tap India’s luxury apparel market
The company recently partnered with Balenciaga amongst other high-end brands.
Reliance Brands Limited (RBL) is “well positioned” to capitalise on the growing luxury market after forging partnerships with high-end brands, GlobalData reported.
“Balenciaga joins RBL’s portfolio of 40 international fashion brands, providing the retailer an edge in the $1.1 billion Indian luxury apparel market,” Bobby Verghese, Consumer Analyst at GlobalData, said.
According to GlobalData, Asia accounted for 31% of Balenciaga’s global sales, making it the brand’s second largest market, next to Western Europe. This is particularly led by China, Japan, and South Korea.
“Through the partnership with Reliance Brands, Balenciaga will gain access to the conglomerate’s strong brand name and nationwide network of nearly 600 stores and 750 shop-in-shops across India,” Verghese also said.
He added that with the partnership, Balenciaga has the opportunity to attract 25% of Indian consumers, who have reported purchasing luxury products in the last year.
“Reliance Brands is on an expansion spree, acquiring the franchises for Italian luxury lifestyle brands Valentino and Tod’s in the first half of 2022, before the latest deal with Kering SA for Balenciaga,” he said.
“With these top brands in its portfolio, Reliance Brands is well positioned to capitalize on the Indian luxury apparel market, which is set to expand from $1.1 billion in 2022 to $1.4 billion in 2025.”