India’s richest man is bringing Tiffany to India

Mukesh Ambani’s Reliance Industries is bringing upmarket US jeweller Tiffany to India through a joint venture, as high-end global retail brands vie for a slice of what they hope will become one of their most important markets. For Mr Ambani, India’s richest man

, the tie-up marks another step forward in his efforts to transform the $120 billion Reliance conglomerate from an oil-products giant into a consumer-facing business offering a suite of services from retail to telecoms. The company in May turned heads after buying iconic British toy chain Hamleys. Reliance said yesterday that the pair plan to start opening outlets in Delhi this year and in Mumbai in 2020… The New York-based jeweller has embarked on a global expansion in order to diversify away from its mature US home market… Reliance, a major petroleum refiner, has made bold moves into new sectors in recent years. In 2016, its Jio telecoms division launched its mobile services commercially, growing to become a business with 300 million customers and being seen as having revolutionised access to mobile phones in India through cut-price contracts. Its retail business, launched in 2007, is the largest by sales in India, selling brands such as Burberry, Armani and Hugo Boss in the country. 

Benjamin Parkin