PARIS – French accessible luxury player SMCP is set to enter India through a partnership with Reliance Brands Limited.
SMCP is parent company to women’s labels Sandro, Maje, Claudie Pierlot and men’s label Fursac. The partnership will see the first Sandro and Maje stores open in India in 2024, it said on Thursday.
RBL is the country’s largest retailer in the luxury to premium sector, and has been riding the wave of expansions into the subcontinent through partnerships with high-end houses including Armani, Balenciaga, Bottega Veneta, Valentino, Versace and more.
The Reliance conglomerate is an industrial giant that ranges from oil and gas to telecoms, media, textiles and retail. It operates more than 900 brand stores and retail concessions throughout India.
The partnership, which will see SMCP expand into the market for the first time, is continuing its growth strategy after 46 net openings in the third quarter.
SMCP currently operates more than 1,600 stores worldwide with its four labels.
The French company has seen a slowdown in consumer spending in key markets in Europe and the Americas, as well as a slower-than-expected recovery in China, dampening its growth in third quarter.
In the most recent financial results released in October, the company reported sales fell 1 percent at constant exchange to 295 million euros during the three-month period, while it seeks to implement a cost-cutting and full-price sales strategy to boost its numbers.
India’s apparel sector is set to grow about 3.6 percent per year through 2027. The market reached $101 billion in 2023, with the market value of women’s apparel estimated at $49 billion.
