Reliance Brands, a part of Mukesh Ambani-led Reliance Industries, on Monday said it has entered into an exclusive licencing pact with global fashion label Steve Madden to introduce the American brand in India.
"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," said Reliance Brands president and chief executive officer Darshan Mehta.
While the company did not disclose the financial details of the contract and the investment involved in opening the stores, Mehta said the licencing agreement is 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 for," he said.
The firm does not have plans to sell men's items in India at present, 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 last year. 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."
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