Saks Fifth Avenue Inc., American luxury department stores, has reportedly decided not to enter the Indian market (as of now). Earlier, a deal was expected to be framed between Aditya Birla Fashion and Retail Limited (ABFRL) and Saks Fifth Avenue to open its first outlet in the country.
Media reports previously claimed that New Delhi’s Aerocity near Indira Gandhi International Airport would host the first Saks store in the Indian market while the second store was expected to be opened in Mumbai.
Neither Hudson’s Bay Company, owner of Saks Fifth Avenue, nor Aditya Birla Group has said anything on the latest development.
Saks Fifth Avenue, one of the most famous luxury retailers in the world, recently started its 1,000-seater technology centre in Bengaluru which further added fuel to its India foray. The corporate team deployed here is responsible for playing an important role in executing HBC’s strategic plans. The company sells luxury brands such as Jimmy Choo, Giorgio Armani, Tod’s, Fila and Puma.
Saks Fifth Avenue runs stores in upscale locations across the world such as Saudi Arabia, the UAE, Bahrain, Kazakhstan, Mexico City and Canada, and is renowned for its superlative selling services and merchandise offerings.
The fashion retailer has now become the second global brand after Japan’s Fast Retailing-owned Uniqlo that deferred its India entry. Uniqlo earlier had plans to enter India by 2018 but now it is expected that the fast-fashion label will set up its maiden store here by 2019.
