Reliance Brands brings Tiffany to India, first store to open in New Delhi this year

Luxury jeweller Tiffany on Thursday announced plans to enter the India market in collaboration with Mukesh Ambani-owned Reliance Brands.

Through a joint venture, Tiffany plans to open new stores in New Delhi later this year and in Mumbai during second half of next year. Tiffany will capitalise on its strong image and brand awareness in the emerging and style conscious luxury market.

"As a global luxury jeweller with stores in many of the world's most important cities, Tiffany's emergence in these Indian commerce centres with their growing luxury consumer base presents a unique opportunity," said Philippe Galtie, Executive Vice President of Global Sales at Tiffany & Co.

"We are proud to work with India's leader in luxury retail Reliance Brands to develop a meaningful presence and further expand our brand equity in this important market," he said in a statement.

Tiffany operates more than 320 stores in over 25 countries -- about 80 in Asia Pacific -- as well as e-commerce websites in 14 markets. With more than 14,000 employees, Tiffany and its subsidiaries design, manufacture and market jewellery, watches and luxury accessories.

"Tiffany needs no introduction in India -- it is iconic and timeless," said Darshan Mehta, President and CEO of Reliance Brands. "We look forward to bringing Tiffany's renowned jewellery collections and superlative diamonds to India."

In May 2019, Reliance Brands marked its first international foray by acquiring British toy retailer Hamleys.

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