Reliance Brands bring Steve Madden to India
Reliance Brands, part of India’s largest private-sector enterprise, Reliance Retail, has entered into an exclusive licensing pact with global fashion apparel and footwear label Steve Madden to introduce the US brand in India.
As part of the agreement, the company said it will open around 20 exclusive stores across the country, starting with two outlets in Delhi and Mumbai in 2011.
“Reliance Brands is planning to open 20 exclusive stores of Steve Madden in the next three years. This year, we will set up two stores in Delhi and Mumbai,” Reliance Brands president and CEO Darshan Mehta told media.
While the company did not disclose the financial details of the contract and the investment involved in opening the stores, Mr Mehta said the licensing agreement was for 20 years.
In India, the company will sell women’s fashion accessories and footwear under the brands ‘Steven’, ‘Steve Madden’, ‘Madden Girl’ and ‘Big Buddha’.
“Through our association with Steve Madden, we look forward to translating the brand’s unique fashion sense into the mindset of the Indian women consumers and offering them what they’ve been demanding,” he said.
The firm does not have plans to sell men’s items in India at present, Mr Mehta added.
“The brand will target women between 16-40 years and will offer a cutting-edge range of fashion forward, of-the-moment designs across footwear and a variety of accessories,” he said.
Based in New York City, Steve Madden reported net sales of $160 million in 2010. Its products are sold at 170 Steve Madden retail stores in 47 countries around the globe.
Apart from the exclusive stores, Steve Madden products will be available in premium department stores across major cities in the country, Reliance Brands added.
Commenting on the agreement, Steve Madden CEO Edward Rosenfeld said: “India and its diverse consumer base is a very important and strategic market for us. Our association with Reliance Brands culminates a long cherished goal of entering this market and marks the beginning of a long-term association.”
