RIL Paves Way forKenneth Cole to Enter Indian Market
Reliance Brands, a subsidiary of Reliance Industries Limited have signed an agreement with NYSE-listed American Fashion retailer Kenneth Cole for retail and wholesale distribution in major Indian metros. The licensing agreement includes the launch of over 20 exclusive Kenneth Cole stores in the next 5 years.
The store launches will introduce clothing, footwear and accessories for men and women. The products will be sold under the brand labels Kenneth Cole New York and Kenneth Cole Reaction. The pricing for apparel will start from Rs 1,700 and footwear from Rs 3,500. The target audience belongs to the age group of 25 to 40 years.
Mr. Darshan Mehta, President and CEO of Reliance Brands Ltd. said,” We’re very excited to join hands with Kenneth Cole Productions, a brand that not only represents an iconic all-American fashion house but also enjoys a world-wide fan following.”He added that the brand portrays chic and urban lifestyle, which completely suits the needs of Indian consumers.
The CEO of Kenneth Cole Productions Inc., Paul Blum said,” India promises substantial growth potential for our brand, the country’s economy is growing quickly and development is strong which is why Kenneth and I want to create a presence in India now. Our global expansion is directly linked to an increased demand for our product internationally, and we are excited to introduce our brand to the market with a strong partner like Reliance.”
India is emerging as the fashion capital of the world, with an increasing demand for Western styles and trends. It has a high demand for the best quality apparel, footwear and accessories. The metropolitan lifestyle yearns for fashionable products and introduction of a leading international brand like Kenneth Cole will certainly quench the needs of the fashion market.
Reliance Brands Ltd., established in 2007 plans to expand its number of stores to 75 by end of 2012. It has tie-ups with several other leading international brands, which include Paul and Shark, ErmengildoZegna and Diesel. It’s portfolio of international brands also includes licensing agreements with Timberland, Steve Madden, Quicksilver and Roxy. Reliance is paving way for seventh international fashion brand by tying up with Kenneth Cole.
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