Besides signing partnership deals with several luxury brands, such as the British luxury fashion Burberry, Mukesh Ambani’s Mukesh Ambani owned company will now bring in the clothing of the American worldwide clothing and accessories retailer Gap Inc to India just days after opening outlets for the renowned sandwich shop franchise chain Pret a Manger in India.
The oil-to-telecom conglomerate Reliance Industries’ retail arm Reliance Retail, which is also the country’s largest retail company, has announced that it has partnered with Gap Inc to sell the brand’s clothing products in India, which also marks the company’s expansion into the emerging fashion hub.
Reliance Retail and Gap Inc have announced a deal. Here’s what you need to know.
Reliance Retail to Sell Gap Products in India
As per the company’s official statement, Reliance and Gap have signed a long-term franchise agreement that will see the Mukesh Ambani-led company sell Gap’s merchandise through exclusive brand stores, multi-brand outlets and e-commerce platforms.
“With this partnership, Reliance Retail hopes to leverage Gap’s position as one of the world’s leading casual lifestyle brands,” it said.
The deal between the two companies comes at a time when the country’s largest company in terms of market capitalisation RIL is busy making partnership deals with multiple foreign brands to expand their arms in India.
Besides, due to surging inflation, Gap’s brands including Old Navy and Banana Republic are facing weak demand, bringing a real nightmare to the American retailer. The deal with Reliance Retail comes at such a difficult time.
According to Adrienne Gernand, Gap Inc’s Managing Director, International and Global Licensing & Wholesale, the company has been eyeing to expand across key international markets, and addresses the deal with Reliance as a part of its efforts to diversify its business portfolio through a partner-based model.