Kate Spade Ventures in India
India: The premium American fashion
company, Kate Spade Newyork has forayed into Indian market with Reliance Brand
Ltd, a subsidiary of Reliance Industries Group. The company signed a long-term
distribution and retail license agreement with Reliance Brand Ltd.
Under the terms of the agreement,
Reliance Brands will have the exclusive distribution rights to the Kate Spade
New York brand in the country. Kate Spade and Co. has four categories—women’s,
men’s, children’s and home. This comes as a latest addition to Reliance Brands
portfolio which comprises of brands like Steve Madden, Thomas Pink, Brooks
Bro’s, Diesel and Super Dry. The company will establish a network of
stand-alone stores across major Indian cities, starting later this year.
With India’s rapid development and
increasingly aspirational consumers, the American brand see significant growth
opportunities in the region, in the long term. Furthermore, this is in line
with company’s geographical expansion drive.
According to TechSci Research, India has
huge opportunities in premium fashion category as country is witnessing a rapid
rise in numbers of affluent customers and millennials who want global and
sophisticated products. Besides, Reliance has experience and enjoys success in
launching premium brands and this can help Kate Spade to successfully tap into
Indian premium fashion category.