In a bid to strengthen its portfolio, Reliance Brands has signed up Armani's sportswear brand EA7 as well as British high-street labels All Saints and Kurt Geiger. This will give a boost to the company's portfolio of high-end brands before the launch of its e-commerce initiative.
According to reports, Reliance Brands is also scouting for space for all the three brands, as mentioned by people in the know.
Additionally, as per a report in The Economic Times, Reliance has also started pulling out its brands from rival e-commerce platforms Amazon and Flipkart before it launches its site. The company is looking to synergise its offline stores with its digital platform. It also aims to attract small stores and large suppliers to conduct its business.
However, neither Reliance Retail nor Armani, All Saints, Kurt Geiger responded to queries of the daily.
Reliance Brands already sells a host of global marquee labels in India including Diesel, Hugo Boss, Juicy Couture and Kate Spade. The subsidiary of Reliance Industries got access to Emporio Armani and Armani Exchange after it acquired luxury retail company Genesis last year. EA7 that Reliance signed up is Armani's sportswear brand.
All Saints sells apparel, footwear and accessories while Kurt Geiger is a footwear and accessories brand.
Last month, Reliance Industries announced that it will acquire the iconic toymaker Hamleys for around Rs 620 crore.
Separately, Reliance in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 lakh crore surpassing IOC as the biggest Indian conglomerate by revenue. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies. It was also the most profitable company in the country with a net profit of more than double that of IOC in FY2019.