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Reliance Retail Forays Into Branded Gold Market With “Reliance Jewel”
Posted by Pradeep Sadanapalli | November 8, 2007 | 1,972 views
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Loading ...Reliance Retail is making a foray into the branded jewellery space with their new venture tentatively titled Reliance Jewel. The format, which will open its first store in Bangalore on November 15, will offer gold, diamond, platinum and silver jewellery.
“We’re sourcing jewellery from regional kaarigars across the country as well as design houses, so our collection will cater to all occasions. Since we’re launching in the wedding season, we expect more demand for bridal collections initially,” said K Sunil Chandran, chief executive, customer operations.
Reliance Retail has ambitious expansion plans of opening over 200 multi-storey stores across metros and mini-metros and will offer competitive pricing. “As an introductory offer, Reliance plans to waive making charges, since gold prices have just hit an all-time high,” sources said. “By 2010, they plan to overtake Tata’s Tanishq, the largest organised player in this market now.”
As we know, Reliance already launched “Reliance Footprint”, their multi-brand footwear format, in Bangalore on Wednesday. “We plan to stock over 40 international brands aimed at the mid and upper-mid market. Around 20% of the merchandise will comprise of private labels,” said G Shankar, chief executive, footwear.
The 10,000 sq ft stores stock over 25,000 products. Reliance has invested in value-premium private label brands Mancini, Tosca and Viviana for men, women and children, Pitter Patter for infants and Tom Sawyer for school footwear. Reliance Footprint is planning a pan-India presence of 100 stores by 2010.
SOURCES:
Times Of India
Topics: Consumer Market, Business News |
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