Reliance Brands, a subsidiary of Mukesh Ambani run India’s largest private sector enterprise- Reliance Industries Limited (RIL) – is set to introduce the ‘Steve Madden’ fashion label to India via an exclusive licensing agreement. This agreement is likely to span a period of 20 years, whereby, Reliance Brands will establish exclusive Steve Madden outlets across Indian metro cities.
As part of the agreement, the Indian retail giant said that it will open around 20 exclusive stores across the country, starting with two outlets in Delhi and Mumbai this year itself. The label will sell women’s fashion accessories and footwear under the brands ‘Steven’, ‘Steve Madden’, ‘Madden Girl’ and ‘Big Buddha’.
The preliminary line of attack following this venture will try to focus on catering to women segment. Reliance Brands President and Chief Executive Officer Darshan Mehta reported that, “Through our association with Steve Madden, we look forward to translating the brand’s unique fashion sense into the mindset of the Indian women consumers and offering them what they’ve been demanding for.” As of yet, there are no plans of venturing into men’s category, but perhaps with time, this association can be augmented to this category as well.
The target audience of Steve Madden in India will be the 16 to 40 year women populace, who aspire to own cutting edge fashion merchandises that are not only contemporary, couture based and of-the-moment but characteristic of elegant chic designs across footwear and accessories range.
Steve Madden label was established in the year 1980, by New York based nascent entrepreneur Steve Madden as an exclusive designer footwear label. The company was named "Company of the Year" for the year 2006 at the ‘Footwear News Achievement Awards’ in New York City on Dec. 5, 2006.
Exclaiming his enthusiasm following the agreement, Steve Madden CEO Edward Rosenfeld said that, "India and its diverse consumer base is a very important and strategic market for us. Our association with Reliance Brands culminates a long cherished goal of entering this market and marks the beginning of a long-term association."