Is Saks Fifth Avenue coming to India?
Luxury goods retailer Saks Fifth Avenue Inc is planning to partner with Aditya Birla Fashion Retail Limited (ABFRL) for its India entry and is likely to open a store later this year.
The first store is likely to open in Aerocity, near the Indira Gandhi International Airport in Delhi, followed by a second in an upcoming retail project in Mumbai’s Bandra Kurla Complex business district, according to a report in a leading financial daily.
Saks has been in talks with Aditya Birla for more than two years, according to sources.
A spokesperson for Aditya Birla Fashion declined to comment saying the company does not comment on "market stories". Saks did not respond to an email seeking comments while a spokesperson for Bharti Realty declined to comment.
In New Delhi, Saks store will compete with DLF’s luxury mall Emporio, which is home to single-brand luxury stores of Louis Vuitton, Hermes, Giorgio Armani, and Gucci.
Saks sells luxury brands such as Jimmy Choo, Giorgio Armani, and Tod’s, as well as premium brands such as Fila and Puma.
Aditya Birla Fashion Retail’s business includes the Madura Fashion division. It sells brands including Van Heusen, Louis Phillipe, Peter England and Allen Solly. The Pantaloons department retail chain it acquired in 2012 is India's largest fashion and apparel retailer with revenue of over Rs6,060 crore in financial year 2016.
In the luxury segment, it operates multi-brand retail chain Collective and has been slowly expanding its portfolio. Last year it announced a partnership with UK-based luxury brand Simon Carter and US-based fashion retailer Forever21.
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