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MajorsAug 09, 2019
Tiffany Heads to India, Plans Openings in Delhi and Mumbai
The iconic jeweler partnered with a Mumbai-based retail conglomerate to break into the country’s growing luxury market.
Tiffany & Co. plans to open stores in Delhi in the fiscal second half of 2019, then in Mumbai in the fiscal second half of 2020.
New York—Tiffany & Co. is headed to India, announcing Wednesday a joint venture with Reliance Brands Limited, the luxury retail-focused arm of Mumbai-based conglomerate Reliance Industries Limited.
The iconic American jewelry retailer plans to open stores in Delhi in the second half of fiscal 2019 and stores in Mumbai in the second half of fiscal 2020.
“Tiffany needs no introduction in India – it is iconic and timeless,” said Darshan Mehta, Reliance Brands CEO, in a press release.
Tiffany currently operates 320 stores in more than 25 countries, including more than 80 in the Asia-Pacific region, as well as ecommerce websites in 14 markets.
Philippe Galtié, executive vice president of global sales, said that Tiffany’s move into India presents a “unique opportunity” for the brands given the market’s growing luxury consumer base.
Joint venture partner Reliance Brands is a retail heavyweight in India, boasting partnerships with Bottega Veneta, Coach, Emporio Armani, Jimmy Choo, Superdry, and other well-known luxury brands.
In May, the company acquired British toy store Hamleys, which has 170 stores across 18 countries.
The company operates more than 470 stores and 340 shop-in-shops in India.
Reliance Brands’ parent company Reliance Industries Limited was the Fortune Global 500 rankings’ highest ranked Indian company by profit in 2018 with a $120 billion market cap.
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