Reliance said under the terms of the agreement, the joint venture will have exclusive distribution and marketing rights for Bally in the country.
Following the joint venture Bally and Reliance have plans to open a store in New Delhi in 2017, and are looking at further expansion in Mumbai, Kolkata and Chennai, they said.
The company further said, this new store will be part of Bally’s global expansion which has seen the opening of two new concept flagships in Tokyo’s Ginza and Los Angeles’ Rodeo Drive this year. 2017 will see the doors open to two new flagship stores on New York’s Madison Avenue and Beijing’s China World Mall.
“We are very excited about this joint venture. In collaboration with Reliance, we have identified a roadmap to develop the brand in proven retail locations in four key cities – New Delhi, Mumbai, Chennai and Kolkata. Joining forces with a partner of this calibre makes us very confident that we can be relevant and successful in the market. Indian consumers are very discerning and have an appreciation for quality and craftsmanship, the demands for which Bally is perfectly suited to meet,” CEO, Bally, Frederic de Narp said.
“Bally triangulates rich heritage, Swiss quality and a contemporary design ethos. Fusing timelessness with a modern twist. All this layered with an envious brand recall! It’s with pride that we announce a partnership for India with the world’s second oldest luxury brand,” President and CEO, Reliance Brands Limited, Darshan Mehta said.
Bally retails in various categories including accessories, ready to wear and eyewear.