By guest author Tong Van from Insideretail Asia.
Indian fashion conglomerate Aditya Birla Fashion and Retail (ABFRL) has signed an agreement with Galeries Lafayette to bring the French luxury department store chain to India, opening two flagship stores in Mumbai and Delhi.
The Indian retailer will so open a dedicated e-commerce platform in the country under the agreement. Galeries Lafayette India will be home to more than 200 luxury and designer brands.
“It is also a new illustration of our ambition to reach 20 stores aboard, with a primary focus on China, Asia and the Middle East by 2025,” said Nicolas Houze, CEO of Galeries Lafayette and BHV Marias.
Galeries Lafayette in Mumbai, expected to open by 2024, will span 90,000sqft across two historic buildings that recently heralded their century at the heritage precinct of Fort, the city’s commercial and cultural hub. The building is designed by the architectural firm Virgile & Partners.
Meanwhile, the 65,000sqft Delhi flagship is expected to be operational in 2015 and will be located at the luxury shopping complex DLF Emporio.
“This is a coming-of-age moment for Indian luxury,” said Ashish Dikshit, MD of ABFRL. “India is now home to a generation of young and affluent consumers with global exposure, who are willing to spend on the finer things in life.
“The partnership with Galeries Lafayette is a ringing endorsement of India’s significance as a global luxury market and a future engine of growth for luxury brands.”
Last month, ABFRL reported its highest quarterly turnover for the three months to September 30 with 50 per cent growth year on year at USD 373.7 million and 33 % to growth over pre-Covid levels.
As of the end of September, ABFRL had a network of 3593 stores, a presence in 31,734 multi-brand outlets along with 6491 points of sales in department stores across the country. The company’s portfolio includes Pantaloons, Louis Philippe, Van Heusen, Allen Solly and Peter England.
ABFRL also has long-term exclusive partnerships with select brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21 and American Eagle.
Galeries Lafayette has been eyeing the Indian market for several years. In late 2019, prior to the advent of Covid, the company was reported to be in talks with Bharti Realty.