Aditya Birla Fashion and Retail Limited (ABFRL) enters into a strategic partnership with Galeries Lafayette, renowned globally for its flagship location at Boulevard Haussmann in Paris, to open luxury department stores and a dedicated e-commerce platform in India. The flagship stores in Mumbai and Delhi will bring more than 200 luxury and designer brands under one roof.
The 90,000 square feet flagship store in Mumbai is expected to be operational by 2024. It will be housed across two historic buildings that recently heralded their century at the heritage precinct of Fort, the leading commercial and cultural hub of the city. The building is currently being designed by the architectural firm Virgile & Partners, who have worked extensively on storied department stores globally. Pike Preston is the advisor on-record for this collaboration.
The 65,000 square feet store in Delhi, expected to be operational in 2025, will be at DLF Emporio, one of India's largest luxury malls. Galeries Lafayette, Delhi will complement the current offering at the mall with a set of young, exciting designer brands across multiple categories.
Speaking about the partnership, Mr Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail Limited said, "This is a coming-of-age moment for Indian luxury. India is now home to a generation of young and affluent consumers with global exposure, who are willing to spend on the finer things in life. This is visible in the boom and dynamism of the luxury market. The partnership with Galeries Lafayette is a ringing endorsement of India's significance as a global luxury market and a future engine of growth for luxury brands. Aditya Birla Fashion and Retail's deep and nuanced understanding of the Indian landscape on the back of our portfolio of designer brands, combined with Galeries Lafayette's global experience, will enable us to create a world-class destination for Indian consumers and global luxury brands."
Commenting on the announcement, Mr Nicolas Houzé, CEO, Galeries Lafayette and BHV Marais said, " We are proud to expand our international footprint in such a prestigious and refined market as India, where we believe our brand can benefit from a strong potential. It is also a new illustration of our ambition to reach 20 stores abroad, with a primary focus on China, Asia and Middle East by 2025. We are very pleased to be working with Aditya Birla Group on this project, with whom we share the same values and vision on retail, and are convinced that they are the right partner to enable us to meet the expectations of Indian customers."
Galeries Lafayette's experience focused design and proposition around entertainment, technology and engagement will be brought to life through installations, pop ups, innovative events and food & beverage explorations. Backed by personal stylists and omni-channel enabled connected shopping, the stores will provide a 360-degree retail experience that speaks directly to customser's needs.
Shares of Aditya Birla Fashion and Retail Limited was last trading in BSE at Rs. 316.15 as compared to the previous close of Rs. 312.55. The total number of shares traded during the day was 70226 in over 1577 trades.
The stock hit an intraday high of Rs. 319.75 and intraday low of 310.10. The net turnover during the day was Rs. 22116029.00.