Mukesh Ambani continues to hold his position in the luxury market of fashion and lifestyle as Reliance Industries Ltd launched its first in-house premium fashion brand, Azorte, on Thursday in Bangalore. This new fashion brand is named Azorte and is expected to grow as a chain of stores all around the country. Billionaire’s daughter Isha Ambani would take charge of leading Azorte while competing with the luxury brands like Mango and Zara.
Furthermore, Mukhesh Ambani plans to build a portfolio for Reliance by launching around 50 to 60 brands catering to household, grocery and personal beauty & care goods. The advancement is said to begin with the French beauty brand Sephora. Therefore, reliance is negotiating the rights to open a Sephora store in India.
The chief executive of the fashion and lifestyle sector of Reliance Retail, Akhilesh Prasad, said, “The mid-premium fashion segment is one of fastest growing consumer segments as millennials, and Gen Z are increasingly demanding the latest of international and contemporary Indian fashion.”
In recent years the fashion industry has seen an enduring change among its consumers, where the Gen Z group is switching towards high profile and mid ranged brands. Reliance decided to start their first in-house store in Bangalore, and with time, they would open a chain in other parts of the country. Moreover, this launch by Mukesh Ambani would strive for better partnerships between the domestic and global markets.