Balenciaga, a Spanish brand, owned by luxury giant Kering to launch at Reliance’s upcoming Jio World Centre mall in Mumbai.
Reliance Brands, a subordinate of Reliance Industries, which sells the opulence labels such as Brooks Brothers, Bally and Ermenegildo in India, is upgrading its luxury portfolio. After launching magnificent American jewellery brand Tiffany and Co to India, Reliance is all set to bring the luxurious Spain brand Balenciaga to the country, people familiar with the matter said.
Established in 1895 by Cristobal Balenciaga in the Basque region of Spain, Balenciaga was possessed by Kering in 2001. Except for Balenciaga, other brands in Kering’s portfolio include Saint Laurent, Gucci, Ulysse Nardin, Bottega Veneta, Boucheron, Alexander Mcqueen and Brioni.
Except for cities like Madrid, Balenciaga has stores in Cannes, Berlin, Capri, London and countries like Greece, Australia, Canada, Japan, Hong Kong, Indonesia and Chinese mainland.
The luxurious Spanish brand Balenciaga, now owned by the luxury giant Kering, has not been presented in India yet. Reliance is planning to launch this brand at its upcoming Jio World Centre mall in Mumbai, sources said.
All the emails sent to Reliance brand, Kering and Balenciaga went unanswered till the time of going to press.
According to Kering’s official website, the group posted revenue of 13.7 billion Euros in the year 2018.
Reliance Brands serves as an arm of Reliance Retail. According to its website, Reliance Retail has a portfolio of about 45 international brands that extends segments like a bridge to luxury, luxury, high premium and high street lifestyle. Reliance Retail handles over 682 stores for these international brands.
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In the year 2017, Reliance Brands made deeper inroads in luxury when it bought L Catterton Asia’s 40 per cent stake in its direct competitor Genesis Luxury.