Tiffany & Co. and Reliance Brands Limited today announced
plans to enter the India market. Through a joint venture, Tiffany
plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in
2H 2020, capitalizing on its already strong image and brand
awareness in this emerging and style conscious luxury market.
“As a global luxury jeweler with stores in many of the
world’s most important cities, Tiffany’s emergence in these Indian
commerce centers with their growing luxury consumer base presents a
unique opportunity,” said Philippe Galtié, executive vice
president of global sales, Tiffany & Co. “We are proud to
work with India’s leader in luxury retail, RBL, to develop a
meaningful presence and further expand our brand equity in this
important market.”
Tiffany operates more than 320 stores in more than 25 countries
with over 80 in Asia-Pacific, as well as ecommerce websites in 14
markets.
“Tiffany needs no introduction in India – it is iconic and
timeless,” said Darshan Mehta, president & CEO of Reliance
Brands. “We look forward to bringing Tiffany’s renowned jewelry
collections and superlative diamonds to India.”
About Tiffany & Co.
In 1837, Charles Lewis Tiffany founded his company in New York
City where his store was soon acclaimed as the palace of jewels for
its exceptional gemstones. Since then, TIFFANY & CO. has become
synonymous with elegance, innovative design, fine craftsmanship and
creative excellence. During the 20th century its fame thrived
worldwide with store network expansion and continuous cultural
relevance, as exemplified by Truman Capote’s Breakfast at Tiffany’s
and the film starring Audrey Hepburn.
Today, with more than 14,000 employees, TIFFANY & CO. and
its subsidiaries design, manufacture and market jewelry, watches
and luxury accessories – including more than 5,000 skilled artisans
who cut diamonds and craft jewelry in the Company’s workshops,
realizing its commitment to superlative quality.
The Company operates more than 300 TIFFANY & CO. retail
stores worldwide as part of its omni-channel approach. To learn
more about TIFFANY & CO. as well as its commitment to
sustainability, please visit tiffany.com.
About Reliance Brands Limited
Reliance Brands Limited (RBL) is part of the Reliance Industries
Limited (RIL), a US$120 billion market-cap conglomerate. RIL is
India’s #1 company by profit in Fortune Global 500 rankings. RBL
began operations in 2007 with a mandate to launch and build
international and domestic brand equity in the premium to luxury
segment across fashion and lifestyle space. Its current portfolio
of brand partnerships comprises Armani Exchange, Bally, Bottega
Veneta, Brooks Brothers, Bullfrog, Burberry, Canali, Coach, DC,
Diesel, Dune, Emporio Armani, Ermenegildo Zegna, G-Star Raw, Gas,
Giorgio Armani, Hamleys, Hugo Boss, Hunkemoller, Iconix, Jimmy
Choo, Kate Spade New York, Kurt Geiger, Michael Kors, Mothercare,
Muji, Paul & Shark, Paul Smith, Pottery Barn, Pottery Barn
Kids, Quiksilver, Replay, Roxy, Salvatore Ferragamo, Satya Paul,
Steve Madden, Superdry, Scotch & Soda, Thomas Pink, Tumi,
Villeroy & Boch, West Elm and Womo. RBL today operates over 470
stores and 340 shop-in-shops in India.
In May 2019, RBL marked its first international foray by
acquiring the British toy retailer, Hamleys. Globally Hamleys has
170 stores across 18 countries.
Forward-Looking Statements
Statements contained in this document that are not statements of
historical fact, including those that refer to plans, assumptions
and expectations for future periods, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include, but are not limited
to, statements that can be identified by the use of words such as
‘expects,’ ‘plans,’ ‘may,’ ‘will’ and variations of such words and
similar expressions. Examples of forward-looking statements
include, but are not limited to, statements Tiffany & Co. makes
regarding its plans to enter the India market and open new stores
therein.
These forward-looking statements are based upon the current
plans and expectations of management, speak only as of the date on
which they are made, and are subject to a number of risks and
uncertainties, many of which are outside of Tiffany & Co.’s
control. Actual results could therefore differ materially from the
planned or expected results expressed in, or implied by, these
forward-looking statements. While Tiffany & Co. cannot predict
all of the factors that could form the basis of such differences,
key factors include, but are not limited to: changes in the cost
and timing estimates associated with the aforementioned new store
openings; delays caused by third parties involved in the
aforementioned new store openings; global or local macroeconomic
and geopolitical developments; violence (including terrorist
activities); political activities or events; weather conditions;
and disruptions, trends or events generally impacting Tiffany &
Co.’s business, finances, liquidity, financial results and/or
operations.
Additional information about potential risks and uncertainties
that could affect Tiffany & Co.’s business, finances,
liquidity, financial results and/or operations is included under
“Risk Factors” and in “Management's Discussion and Analysis of
Financial Condition and Results of Operations” in Tiffany &
Co.’s Annual Report on Form 10-K for the fiscal year ended January
31, 2019 and in “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in Tiffany & Co.’s most
recent quarterly report on Form 10-Q. Readers of this document
should consider the risks, uncertainties and factors outlined above
and in the Form 10-K and Form 10-Q in evaluating, and are cautioned
not to place undue reliance on, the forward-looking statements
contained herein. Tiffany & Co. undertakes no obligation to
update or revise any forward-looking statements to reflect
subsequent events or circumstances, except as required by
applicable law or regulation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190807005035/en/
Tiffany & Co.
Nathan Strauss NATHAN.STRAUSS@TIFFANY.COM +1 347 421 1614
Reliance Brands Limited
Surabhi Negi SURABHI.NEGI@RIL.COM +91 22 3555 3218
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