Mumbai: Iconic American jeweller Tiffany & Co is set to enter the Indian market in partnership with billionaire Mukesh Ambani's Reliance Industries and plans to open its first store in Delhi this year and one in Mumbai next year. In a statement, Tiffany said it will enter the Indian market through a joint venture with Reliance Brands Ltd. "Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in 2H 2020, capitalising on its already strong image and brand awareness in this emerging and style-conscious luxury market," the statement said.
Tiffany, which is known for its diamond engagement rings and robin's egg blue boxes, will be another marquee name to join the ever-growing portfolio of Reliance. In May, it had bought British toy-store chain Hamleys. Tiffany, which operates more than 320 stores in over 25 countries with over 80 in Asia-Pacific, as well as e-commerce websites in 14 markets, is targeting the world's second-biggest gold jewellery market.