Mukesh Ambani-led Reliance Brands has inked a long-term licensing and distribution deal to bring New York based fashion label Kate Spade to India. Kate Spade will compete directly with other handbag brands like Michael Kors in India.
Under the terms of the agreement, Reliance Brands will have the exclusive distribution rights to the Kate Spade New York brand in the country. It plans to open the first few stores for the brand before the end of the year. This will be the 18th international brand in the portfolio of Reliance, which also runs 142 stores of Hamleys, Diesel and Steve Madden, among others.
Craig A. Leavitt, CEO of Kate Spade & Co, said: “Expanding into India is an important next step for Kate Spade and Co. as we continue to progress along our geographic expansion axis of growth and build global brand engagement. With India’s rapid development and increasingly aspirational consumers, we see significant growth opportunities in the region in the long term.”
Darshan Mehta, president and CEO of Reliance Brands, said: “We are confident that Kate Spade New York’s strong heritage and strong design point of view will resonate with Indian consumers, bringing a new dimension to the women’s wardrobe.”