Following investments in traditional Indian attire by rivals, including Tata Group and Aditya Birla Fashion and Retail (ABFRL), Reliance Retail plans on launching a chain of stores in the space under the name Avantra, India Times reports.
The move will reportedly see Avantra unveil mid-size stores with a value-oriented offerings of items such as kurti and sari, sources told India Times, to coincide with India’s wedding season. While Tata Group’s jewellery brand Tannishq has recently moved into the segment, ABFRL has acquired stakes in local designers like Sabyasachi and Tarun Tahiliani.
Though younger Indians are driving growth for global fashion brands selling Western apparel to the market, traditional attire still reigns supreme and makes up 71 percent of India’s womenswear market, according to Technopak Advisors.
The designer, whose bridal pieces are worn by India’s billionaire heiresses and Bollywood superstars, has built a luxury brand that’s set to generate $35 million in revenue in 2019. Now, he’s on a quest to tap the lucrative fine jewellery market and take his business global.