BENGALURU (Reuters) -Reliance Industries Ltd's retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India's luxury market.
The new store chain called Azorte, the first of which was launched in Bengaluru, will compete with the likes of Mango and Industria de Diseno Textil SA ( Inditex (BME:ITX))-owned Zara, and cater to millenials and Gen Z.
"The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion," said Akhilesh Prasad, chief executive officer of the fashion and lifestyle arm of Reliance Retail.
The company plans to have up to 40 stores across 12 cities over the next nine months, he added.
In three years, Azorte will contribute to 15% incremental revenue of Reliance Retail's fashion and lifestyle business, Prasad said at the store launch in Bengaluru.
The new store chain is a part of Reliance Industries' aggressive strides in the retail industry, forging partnerships with domestic and global brands.
The company plans to build a portfolio of 50 to 60 grocery, household and personal care brands within this year and is in advanced talks to get the rights for LVMH-owned French beauty brand Sephora in India.
Reliance's luxury and lifestyle foray has been led by Ambani's daughter Isha.