As the company works to expand its premium retail portfolio, Saks Fifth Avenue, a luxury department store chain established in the United States, has entered the Indian market in collaboration with retail behemoth Reliance Retail. As part of a franchise arrangement, Saks Fifth Avenue’s operations will be expanded nationwide by Reliance Retail.
According to Dinesh Taluja, chief financial officer of Reliance Retail, the business went into a franchise agreement with Saks Fifth Avenue, a worldwide luxury retailer, in order to cater to the super luxury market in India. In its last financial report, the company also revealed that it has signed a franchise agreement for Saks Fifth Avenue in India for its premium brands.
Andrew Saks, an entrepreneur, founded Saks Fifth Avenue. The department store business, which has its headquarters in New York, USA, inaugurated its ‘Rockefeller Centre’ facility in 1924. The company currently operates 41 department stores in North America, selling items in the fashion, accessory, and cosmetics areas.
By bringing international brands to India and growing their brick-and-mortar networks throughout the nation, Reliance Retail Ventures Limited has been rapidly growing its premium brand portfolio through Reliance Brands Limited. The company has opened outlets in Mumbai for the luxury labels Maje and Sandro in India.
