Mukesh Ambani-led Reliance Industries (RIL) is set to bring Tiffany & Company to India, as RIL-arm Reliance Brands and Tiffany have announced a joint venture to open stores of the US-based luxury jeweler in the country. Tiffany in a statement said that it wants to open stores in Delhi in the second half of the financial year 2019-20, and in Mumbai during the second half of the next fiscal.
Commenting on the partnership, Tiffany's Executive Vice President of Sales, Philippe Galtie, said: "As a global luxury jeweler 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, which was founded in 1837 by Charles Lewis Tiffany in New York City, 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 jewelry 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 pound sterling.