India's Reliance Industries Ltd is partnering with iconic US-based luxury jeweller Tiffany & Co to open a line of stores in the country, adding yet another marquee name to its growing portfolio of brands.
As per reports, the company plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively.
Popular for its engagement rings and robin's egg blue boxes, Tiffany said that India's "growing luxury consumer base presents a unique opportunity".
The tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business. The company bought British toy retailer Hamleys earlier this year.
For Tiffany, known for its flagship Manhattan store made famous by Audrey Hepburn, the deal represents its latest effort to expand globally as it battles subdued demand in the United States and Europe.