New Delhi: Reliance Brands Ltd, a part of Reliance Industries Group, today formed a joint venture with the Swiss luxury brand Bally.
Under the terms of the agreement, the joint venture will have exclusive distribution and marketing rights for Bally in the country, the company said in a statement.
Bally and Reliance have plans to open a store in the Capital in 2017 and are looking at further expansion in Mumbai, Kolkata and Chennai in the future, it added.
The new store will be part of the brands global expansion which has seen the opening of two new concept flagships in Tokyo's Ginza and Los Angeles Rodeo Drive this year.
Next year will see opening of two new flagship stores on New Yorks Madison Avenue and Beijing's China World Mall, the statement added.
Commenting on the JV, Bally CEO Frederic de Narp said, "We are very excited about this joint venture. In collaboration with Reliance, we have identified a roadmap to develop the brand in proven retail locations in four key cities - New Delhi, Mumbai, Chennai and Kolkata."
Indian consumers are very discerning and have an appreciation for quality and craftsmanship, the demands for which Bally is perfectly suited to meet, Narp added.
Bally offers designs across various categories, including accessories, ready-to-wear and eye wear.
Reliance Brands President and CEO Darshan Mehta said, Bally triangulates rich heritage, Swiss quality and a contemporary design ethos. "...it's with pride that we announce a partnership for India with the worlds second oldest luxury brand."
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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