Asian tycoon Mukesh Ambani is all set to enter the saree business. Reliance Retail, a subsidiary of Reliance Industries, will open the business, setting up speciality stores under the ‘Avantra’ brand name to sell sarees and Indian traditional clothing.
The first store in Bangalore will be set up this festive season. It is learned that the company is planning to set up these outlets in Andhra Pradesh as well as other parts of Karnataka after that.
It is learned that Avantra will be partnering with its own brand of clothing sales as well as private brands such as local weavers, Nally Silks and Potis. It is learned that Reliance is setting up the business to compete with Tanishq of Tata Group and Aditya Birla Fashion Retail (ABFRL) of Aditya Birla Group.
This move comes against the backdrop of Tanishq foraying into the ethnic wear space. Aditya Birla’s ABFRL, too, has shown a strong interest in the segment.
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