French luxury player SMCP to venture into India with Reliance Brands tie-up
As per a deal signed with Reliance India, fashion group SMCP will expand operations in India by opening new stores in the Mumbai’s Jio World Plaza Mall mall. Owner of French fashion labels Sandro and Maje, SMCP is encouraged by the country’s growing wealth and youth population to enter the Indian market.
Through this partnership, Reliance Brands will become the exclusive distributor of Sandro and Maje in India. The company will open around 10 stores to sell SMCP brands in the next three to five years, says Isabelle Guichot, CEO, SMCP.
SMCP the French accessible luxury player reported a 1 per cent fall in sales at constant exchange to €295 million in its third quarter. The company plans to implement a cost-cutting and full-price sales strategy to boost growth. SMCP also plans to open stores in France in cities like Paris, Lille and Marseille. In the US, it will open two new stores in mid-December and one store in the first quarter of next year. Meanwhile it is upgrading operations by shifting away from oil-based virgin polyester to recycled materials and natural fibers. It also includes QR codes on 70 per cent of its SKUs.
A subsidiary of the Reliance Retail Ventures, Reliance Brands has partnerships with several luxury fashion European and American labels, including Bottega Veneta, Burberry, Valentino and Tiffa.
These high-end European labels aim to expand their retail presence in India to tap its growing economic strength and rising population of affluent consumers.
