Reliance Brands Ltd, a part of Reliance Industries Group has entered into 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 New Delhi in 2017 and are looking at further expansion in Mumbai, Kolkata and Chennai in the future, it added.
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.”