Reliance Retail holds talks with global luxury brands

As its domestic focus is on the mass class, Reliance Retail is looking to form some upscale tie ups with global retailers. The company is interested in tying up with several luxury brands and has held talks with companies such as Armani, Tommy Hilfiger, Prada, Gucci, Calvin Klein, Moet Hennessy Louis Vuitton and Ralph Lauren. Industry sources report that, "Reliance Retail is talking to a large number of global luxury brands to tie up for its luxury retail venture as part of its retail initiative." The company is planning to market these high-end brands in two formats, hypermarkets and speciality luxury stores. The company’s first hypermarket will be opening in July this year, with a total of 700 such stores being planned that will be opened in the next three years.