Saks Fifth Avenue has entered into a franchise agreement for the Indian market with retail giant Reliance Retail. As part of the agreement, Reliance Retail will expand Saks Fifth Avenue’s operations nationwide.
According to Dinesh Taluja, chief financial officer of Reliance Retail, the business entered into a franchise agreement with Saks Fifth Avenue to cater to the luxury market in India. In its last financial report, the company also outlined that it has signed a franchise agreement with Saks Fifth Avenue in India for its premium brands.
Reliance Retail Ventures Limited has rapidly grown its premium brand portfolio through Reliance Brands Limited. In addition to Saks Fifth Avenue, Reliance’s premium brands division has recently introduced Tiffany & Co, luxury fashion brand Sandro, and the London-based restaurant chain EL&N Cafes in India.
Image courtesy Saks Fifth Avenue
