New Delhi: SMCP, the parent company of accessible luxury brands Sandro, Maje, Claudie Pierlot and Fursac, has entered the Indian market in partnership with Reliance Industries-owned Reliance Brands Limited (RBL).
RBL will be the exclusive distributor for Sandro and Maje in the Indian market. The two brands will open their first stores in 2024.
The French company is currently present in 47 countries with key markets that have potential for growth, it said in a statement.
Evelyne Chetrite and Judith Milgrom founded Sandro and Maje in Paris, respectively in 1984 and 1998, and continue to provide creative direction for the brands. Claudie Pierlot and Fursac were acquired by SMCP in 2009 and 2019. SMCP is listed on the regulated market of Euronext Paris.
Reliance Brands, which began operations in 2007, represents a number of premium luxury lifestyle brands in the country, and has forged long-term partnerships with French brands such as Bottega Veneta, Tiffany & Co., Valentino, Versace, Armani, Balenciaga, Boss. , Zegna, among others.
The company has about 90 brands here. Last month, it signed a joint venture agreement with UK-based clothing retailer Superdry PLC, for the brand’s intellectual property in India, Sri Lanka and Bangladesh. RBL operates 2,183 doors divided into 934 stores and 1,249 stores in India.
The luxury segment of the country is witnessing an increase due to changing preferences and higher disposable income, especially after the growth it witnessed during the pandemic. A number of brands have shown interest in coming to India and others who are present here are also looking to expand their stores.
India’s luxury goods market is among the fastest growing in the world, with projections to reach $8.5 billion in 2023, marking an increase of $2.5 billion over 2021, according to Euromonitor International.
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Updated: 30 Nov 2023, 14:08 IST