In a bid to capture more retail market, billionaire Mukesh Ambani's Reliance Retail is now planning to take on Shoppers Stop and Lifestyle with its new departmental store chain.
The premium departmental store chain, likely to premier by early next year, will sell global labels both by Reliance as well as others, according to a report by The Economic Times quoting sources.
The new chain of stores will be an in-between of Reliance Retail and its high-end, multi-brand counterpart White Crow, which sells labels such as Armani, Jimmy Choo and Burberry. It will cater to a mid-segment who want neither mass products nor super-premium luxury goods.
Reliance Retail did not confirm the development, however, mall executives and real estate insiders told the publication that the conglomerate is looking at nearly 25,000-30,000 square feet for the new chain of stores.
DH could not independently verify the report.
Lifestyle is owned by Landmark Group and has outlets in the Middle East and India. It set up its first store in India in 1999. It also runs the Home Centre chain of stores
Shoppers Stop was founded in 1991 by the K. Raheja Corp. group of companies.
Last year, Reliance Retail entered into a Rs 24,713-crore deal to buy Future Group, India's second-largest retail chain. The deal, however, is stuck in courts with American ecommerce giant Amazon challenging it.
(With agency inputs)
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