American leisure jewellery retailer Tiffany & Co. will shortly make its debut into the emerging Indian business market through a mutual investment with Reliance Brands Ltd. The 182-year-old luxury jewellery chain store has plans to extend their business by opening stores in metropolitan cities like in Delhi and Mumbai, according to a report. The company’s stores are present in countries like China, Australia, Canada, France, UK, Hong Kong, Japan, and the UAE. Now it is all set to open its business in India and thus giving tough competition to its present market rivals.
Tiffany, which is previously existing in more than 25 countries, conveyed in the report about its intentions to inaugurate stores in Delhi by the year-end, and in Mumbai. It is to be remarked that Tiffany is famous for its engagement rings and robin’s egg blue boxes. Philippe Galtié, executive vice president of global sales, Tiffany & Co stated that “As a global luxury jeweler with shops in many of the world’s most influential cities, Tiffany’s appearance in these Indian business centers with their growing luxury customer base offers a unique opportunity.”
According to Darshan Mehta, president & CEO of Reliance Brands “Tiffany needs no intro in India – it is iconic and timeless.” “We look forward to bringing Tiffany’s famous jewellery collections and excellent diamonds to India.” Tiffany & Co is seeming to foray into the Indian market in cooperation with Reliance Brands. With this launch, the Iconic American jeweller is targeting the world’s second-biggest gold jewellery market. Philippe added, “We are pleased to serve with India’s leader in luxury retail, RBL, to develop a meaningful presence and further extend our trademark investment in this vital market.”
Reliance, one of India’s supervising fashion and retail groups, has begun into organizations with such other global luxury professionals as Burberry and Armani Group. Tiffany operates more than 320 stores in more than 25 countries with over 80 in Asia-Pacific, as well as e-commerce websites in 14 markets. The joint venture of Tiffany and Reliance will give tough competition to existing jeweller companies and showrooms in India as well as improve the employment rate.