SMCP, the parent company of accessible luxury brands Sandro, Maje, Claudie Pierlot and Fursac, has entered the Indian market in partnership with Reliance Industries-owned Reliance Brands Limited (RBL).
RBL will be the exclusive distributor for Sandro and Maje in the Indian market. The two brands will open their first stores in 2024.
The French company is currently present in 47 countries with key markets that have the potential for growth, it said in a statement.
Evelyne Chetrite and Judith Milgrom founded Sandro and Maje in Paris, in 1984 and 1998 respectively, and continue to provide creative direction for the brands. Claudie Pierlot and Fursac were acquired by SMCP in 2009 and 2019. SMCP is listed on the Euronext Paris regulated market.
Reliance Brands, which began operations in 2007, represents a number of premium to luxury lifestyle brands in the country, and has forged long-term partnerships with French brands like Bottega Veneta, Tiffany & Co., Valentino, Versace, Armani, Balenciaga, Boss, Zegna, among others.
The company has about 90 brands here. Last month, it signed a joint venture deal with the UK-based clothing retailer Superdry PLC, for the brand’s intellectual property in India, Sri Lanka, and Bangladesh. RBL operates 2,183 doors split into 934 stores and 1,249 shop-in-shops in India.
The country’s luxury segment is witnessing an uptick due to changing preferences and higher disposable income, especially following the growth it witnessed during the pandemic. A number of brands have shown interest in coming to India and others that are present here are also looking to expand their stores.
India’s luxury goods market is among the world’s fastest-growing, with projections to reach $8.5 billion in 2023, marking a rise of $2.5 billion over 2021, according to Euromonitor International.
