The retail division of Reliance Industries Ltd. introduced its first in-house premium fashion and lifestyle store on Thursday, as the business founded by billionaire Mukesh Ambani continues to expand its share of India’s luxury market.
Azorte, whose first location opened in Bengaluru, will compete with Mango and Industria de Diseno Textil SA (Inditex)-owned Zara, and will target millennials and Gen Z.
Isha Ambani, Ambani’s daughter, is now in charge of Reliance’s entry into the luxury and lifestyle industry.
During its Q1 annual general meeting, the oil-to-telecom multinational Reliance Industries, owned by Mukesh Ambani, announced a push into retail, particularly in the FMCG sector.
Reliance Retail has achieved substantial strides in the space of luxury and fashion. Centro, a department store specializing in clothes, was introduced by the firm in Vasant Kunj, Delhi, on Wednesday.
Launched in a space measuring 75,000 square feet, the store is now open for business. An initial promotional price cut has been implemented for customers with various cart statistics. Reliance Retail is a division of Reliance Retail Ventures, the holding company for Mukesh Ambani’s Reliance industries’ retail brands.
Growth strategies planned for Azorte
The company has announced a new shop design that features several technologically enabled interventions such as “endless aisles,” smart trial rooms, fashion discovery stations, and self-checkout kiosks. “AZORTE will house the best of global trends and modern Indian fashion with an original perspective on style ranging from western and Indian clothes to footwear, fashion accessories, home, beauty, and more,” the brand stated.
In the coming months, Azorte outlets will open in strategic locations across India. For the tech-savvy shopper, the new store layout includes tech-enabled interventions like smart trial rooms, fashion discovery stations, seemingly limitless aisles, and self-checkout kiosks.
According to Reliance Retail’s chief executive officer of fashion and lifestyle, Akhilesh Prasad, “the mid-premium fashion market is one of the fastest growing consumer segments as millennials and Gen Z are increasingly expecting the latest in foreign and contemporary Indian fashion.”
In July, Reliance Retail announced that it has formed a partnership with Gap Inc. to bring the US clothing brand to the Indian market.
Reportedly, the business is also interested in the Indian franchise for Sephora, a multi-brand fashion and cosmetics retailer owned by LVMH. Currently, Sephora is partnered with Arvind Fashions, which holds the master franchise rights for the company in India. LVMH is the holding company of Sephora, a multi-brand beauty products retailer.
In India, Arvind Fashions also manages the labels USPA, Tommy Hilfiger, Flying Machine, Arrow, and Calvin Klein. Earlier, Reliance Brands (RBL), a subsidiary of RRVL, announced that it had obtained the master franchise for Pret A-Manger, a chain that sells fresh food and organic coffee. Founded in London in 1986, the company is now represented in nine markets with more than 550 retail outlets globally.
In the upcoming nine months, the company wants to open up to 40 locations across 12 cities, he claimed.
At the opening of the store in Bengaluru, Prasad stated that Azorte will contribute approximately 15% of the incremental revenue of Reliance Retail’s fashion and lifestyle business within the next 3 years.
RRVL’s consolidated revenue for the fiscal year that ended on March 31 was reported to be Rs 1,99 trillion.
Reliance Industries is making strong steps in the retail market, forming relationships with both domestic and international brands as part of its expansion into a retail outlet network.
This year, the business hopes to have established a portfolio of 50 to 60 grocery, household, and personal care brands.
The RIL (Reliance Industries Limited) retail holding company is Reliance Retail Ventures Ltd, of which Reliance Retail Limited is a subsidiary. As of March 31, 2022, RRVL’s consolidated revenue was 199,704 crore ($26.3 billion), while the company earned a net profit of 7,055 crores ($931 million).
Read More: Reliance Retail to Compete with Zara and H&M
