Reliance Industries Limited is set to bring the luxury jewelry brand Tiffany & Company to India. RIL-arm Reliance Brands and Tiffany have announced a joint venture to open a chain of stores of the US-based company in the country.
The American luxury brand is known for its engagement rings which is worn by celebrities around the world including Priyanka Chopra. In a statement Tiffany said that it wants to open stores in Delhi and Mumbai in the second half of the financial year 2019 and 2020 respectively.
Commenting on the partnership, Tiffany’s Executive Vice President of Sales, Philippe Galtie said, “As a global luxury jeweller with stores in many of the world’s most important cities, Tiffany’s emergence in the Indian commerce centers with their growing luxury consumer presents a unique opportunity.”
Tiffany & Co was founded in 1837 by Charles Lewis Tiffany in New York City. The company now has over 320 stores in more than 25 countries across the world.
Darshan Mehta, President and CEO of Reliance Brands said, “Tiffany needs no introduction in India, it is iconic and timeless. We look forward to bringing Tiffany’s renowned jewellery collections and superlative collections to India.”
The tie-up comes as another major development for the company after Reliance Brands acquired the iconic British toy retailer Hamleys in July for a cash consideration of £67.96 million.