Fashion group SMCP, the owner of French fashion labels Sandro and Maje, announced on Thursday that it has entered into a deal with Reliance for expansion into India. The company will join other prestigious European brands in opening stores in the Jio World Plaza mall in Mumbai.
According to SMCP CEO Isabelle Guichot, “There aren’t a lot of accessible luxury fashion labels in India, so we think it’s time to be pioneering.” She pointed to India’s wealth and the growing population of younger generations as reasons for venturing into the country.
While SMCP has been testing the Indian market with outlets in luxury hotels, high-end European brands are now looking to expand their retail presence to tap into India’s robust economic growth and the rapid increase in the number of local millionaires.
The financial terms of the partnership with Reliance Brands were not disclosed by SMCP. Reliance Brands will serve as the exclusive distributor of Sandro and Maje in India. Guichot mentioned that Reliance plans to open approximately 10 stores featuring SMCP brands in the next three to five years, starting with the Mumbai mall developed by Indian tycoon Mukesh Ambani.
Reliance Brands, a subsidiary of Ambani’s Reliance Retail Ventures, has established partnership deals with numerous high-end European and American labels, including Bottega Veneta, Burberry, Valentino, and Tiffany.
