The retail unit of Reliance Industries Ltd launched its first premium fashion and lifestyle store of its own on Thursday, as the billionaire Mukesh Ambani-led company continues to capture a larger share of the luxury market.
The new Azorte retail chain, the first of which was launched in Bengaluru, will compete with Zara, owned by Mango and Industria de Diseno Textil SA, and target millennials and Gen Z.
“The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and Generation Z increasingly demand the latest international and contemporary Indian fashion,” said Akhilesh Prasad, chief executive of the fashion and lifestyle arm of Reliance Retail.
The launch is part of Mr Ambani’s aggressive moves into retail, forging partnerships with domestic and global brands.
The company plans to build a portfolio of 50 to 60 grocery, homeware and personal care brands within the year and is in advanced talks to acquire the rights to French beauty brand Sephora, owned by LVMH, in india.
Reliance’s luxury and lifestyle foray was led by Ambani’s daughter Isha.