American fashion company Michael Kors has opened its new ‘Michael Kors Lifestyle’ store at Jio World Drive, Reliance Industries’ new high-end retail destination in Mumbai’s Bandra-Kurla complex.
The 2,090 square foot store will sell a selection of his iconic ‘MICHAEL Michael Kors’ fashion and accessories, such as handbags, ready-to-wear, small leather goods, shoes and jewelry, as well as than the brand’s eyewear, watches and perfumes. It will be the company’s eighth store in India and the second in Mumbai.
The new outlet will be the first standalone bridge-to-luxury brand store in the country that will also carry the company’s men’s ready-to-wear line. The store will also promote a new “Custom Kors” concept that will monogram and personalize luggage tags. Michael Kors was imported to India by Genesis Luxury, which was acquired by Reliance Brands Limited (RBL) in 2018.
Globally, Michael Kors made a massive luxury acquisition in 2018 when he bought Italian fashion giant Versace for $ 2.12 billion. A year earlier, she had acquired luxury shoe brand Jimmy Choo for $ 1.35 billion. Michael Kors and Versace’s parent company, Capri Holdings, has raised its annual revenue forecast for 2021 from $ 5.2 billion to $ 5.3 billion, exceeding its own revenue expectations in 2021, it said. reported in July in its quarterly results.
RBL is part of Reliance Industries and has partnerships with around 40 international brands, mainly in the premium segment and some in the luxury segment in the apparel, footwear and lifestyle sectors.
Prior to the covid-19 pandemic, Euromonitor market research predicted that the Indian luxury goods market would grow by 18% between 2019 and 2023. Another agency, Statista, estimates that the growth of the luxury market would be much greater. slow at 6.6% in the same period of 2019-23.
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