Mumbai: Reliance Retail, a subsidiary of Reliance Industries, has decided to make its jewellery foray with the launch of Reliance Jewelry this Diwali. Reliance will be the second corporate after the Tatas to enter the Rs 70,000 crore Indian jewellery industry, which is dominated by almost 3 lakh traditional family jewellers.
The company will launch its first store at Bangalore and will subsequently roll out 400 outlets in the next three years. Apart from gold and diamond jewellery, the stores would offer customised services for high-end jewellery. Reliance Jewelry is likely to sell gold below market rates. The move assumes significance in light of the recent surge in gold prices, which have breached the psychological barrier of Rs 10,000 per 10 gramme.
It is believed that the company has entered into a sourcing agreement with Rosy Blue, one of the largest jewellery manufacturers, for operations. The jewellery foray is part of the company''s lifestyle retail, which includes books and music, cosmetics, lifestyle accessories and home solutions. Reliance is set to compete with Tanishq, the jewellery brand from the Tatas.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment