Reliance Industries to tie up with US-based based luxury jeweller Tiffany & Co soon

Mumbai: Adding yet another marquee name to its growing portfolio of brands, the Reliance Industries Ltd is now reportedly partnering with iconic US-based luxury jeweller Tiffany & Co to open a line of stores in the country.

It is to be noted that Tiffany is popular for its engagement rings and robin's egg blue boxes, plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the company said, adding that India's "growing luxury consumer base presents a unique opportunity".

Media reports also claim that the tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani and runs a sprawling conglomerate, bolsters its consumer-focused units such as retail and telecoms to match the strength of its leading oil and gas business.

The company bought British toy retailer Hamleys earlier this year.

Hamleys is an Indian-owned multinational toy retailer, one of the oldest and largest in the world. It is currently owned by the Indian Company Reliance Retail.

It was founded by William Hamley as "Noahs Ark" in High Holborn, London, in 1760, it moved to its current site on Regent Street in 1881. This flagship store is set over seven floors, with more than 50,000 lines of toys on sale. It is considered one of the city's prominent tourist attractions, receiving around five million visitors each year. The chain has ten other outlets in the United Kingdom and also has more than 60 franchises worldwide.

Coming back to Tiffany, it’s a diamond engagement ring and a flagship Manhattan store made famous by Audrey Hepburn, the deal represents its latest effort to expand globally as it battles subdued demand in the United States and Europe.

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