Reliance Retail to launch stores 'Project Eve'
Reliance Retail is planning to launch stores called 'Project Eve' where women can buy apparel, footwear, cosmetics and jewellery all under one roof.
The experiential stores will hav in-house and global brands and compete with the likes of Shoppers Stop and Lifestyle, the Economic Times reported, citing sources.
The stores will be 5,000-10,000 sq ft in size and premium to its existing department chain, Reliance Trends, the sources informed.
The new store will focus on premium wear and highfashion global brands to differentiate itself in the cluttered domestic apparel market which is driven mostly by discounts.
Email query sent to Reliance Retail remained unanswered till press time on Thursday. “The stores will mainly focus on urban markets such as Mumbai, Delhi and Bengaluru,” they said.
Reliance retail owned by the Reliance Group is already one of the country’s largest retailers and operates department chains Reliance Trends and Reliance Brands, which has partnered more than a dozen premium international brands including Diesel and Superdry.
In 2016-17, the fashion and lifestyle segment contributed about Rs 5,000 crore, or 15%, to Reliance Retail’s overall revenue of Rs 33,765 crore.
However, the segment has shrunk from 20% a year ago after Reliance Retail shifted focus to electronics and grocery. But margins in the apparel business are significantly higher than other business verticals that Reliance operates.
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