Balenciaga, the prestigious fashion brand, has recently announced its entrance into the Indian market in partnership with Reliance Brands Limited. This decision follows a collaboration between Valentino and the same retailer, showcasing the growing interest in the Indian market among luxury fashion brands. Balenciaga is particularly well-suited for this expansion, as it was the second most sought-after brand on the Lyst platform in Q2.
Reliance Brands Limited, a subsidiary of Reliance Industries Limited, will serve as the exclusive distributor of Balenciaga in India. This move further expands the portfolio of Reliance Brands Limited, which already includes esteemed fashion houses like Armani, Burberry, Coach, and Jimmy Choo. With a presence in over 12,000 stores across India, Reliance Brands Limited is well-equipped to introduce Balenciaga to the Indian market.
Darshan Mehta, President and CEO of Reliance Brands Limited, expressed excitement about this collaboration, highlighting Balenciaga’s ability to reinvent and creatively reinterpret fashion. Mehta believes that this is the perfect time to introduce the brand to India, as the local clientele has matured and views fashion as a form of self-expression.
According to a study by Euromonitor International, India is one of the fastest-growing luxury markets. It is projected to reach a value of $8.5 billion by the end of 2022. This potential growth is enticing luxury brands to expand their presence in the country and cater to the demands of a new audience seeking high-end products. This trend is also evident in the beauty industry, as demonstrated by Estée Lauder Companies’ incubation program designed to support Indian beauty start-ups financially.
Balenciaga is strategically positioning itself to capitalize on the booming Indian luxury market. The parent company of Balenciaga, Kering, has recently opened an embroidery workshop in India. This move allows Balenciaga to tap into the evolving fashion landscape in the country, where consumers are increasingly embracing luxury as a means of expressing their creativity.
Both Balenciaga and Reliance Brands Limited view this expansion as a significant opportunity to thrive in the Indian market and strengthen their positions in the luxury fashion industry. As the brand becomes more accessible to Indian consumers through Reliance Brands Limited’s extensive network, Balenciaga can establish a loyal customer base in this flourishing market.
Links:
1. Vogue India: Balenciaga in India
2. The Economic Times: Balenciaga enters India via Reliance Brands Limited
