Reliance Retail on Thursday launched the latest addition to its fashion and lifestyle portfolio, Azorte, in Bengaluru. It plans to open 25 more stores in 12 cities this financial year.
Azorte is a premium fashion and lifestyle brand which will compete with international companies such as Zara, H&M, and more. Following the launch of the Bengaluru store, it will be launched in Hyderabad, “Ultimately, our objective is to go to metro, mini metro, class A towns, and state capitals,” said the company.
“The mid-premium fashion segment is one of the fastest growing consumer segments, as there is a huge demand coming in from the millennials and Gen-Z. This is the perfect time to launch all kinds of brands, not just premium brands. India is still a brand-efficient market and has a scope to add hundreds of brands,” said Akhilesh Prasad, CEO, Fashion and Lifestyle – Reliance Retail.
The store is spread over 18,000 square feet and houses a mix of in-house brands and other popular brands. The other upcoming stores, according to the company, will be slightly larger in size, ranging from 20,000 to 23,000 square feet.
In the next three years, the company expects its latest venture to contribute close to 15-20 per cent of the overall fashion and lifestyle business. In the first quarter of FY23, the Fashion and Lifestyle business, which comes under Reliance Retail, saw revenue growth of 3x during the first quarter of FY23. Reliance Retail reported a 1Q FY23 gross revenue of ₹58,554 crore.
“Azorte is India’s first fashion NeoStore that offers high-street fashion with on-trend styles and classics reinvented. Shoppers can express their authentic and uncompromising take on style with the best of western wear, Indian wear, kids wear, footwear, fashion accessories, home, beauty and more,” said Rakesh Jallipally, VP and Business Head, Azorte.
With more stores coming up, the company will generate 2,500 jobs, “Each store will employ 100 people,” said Prasad.