Reliance Retail is planning to launch a new clothing and accessories brand store chain to compete directly with fast fashion brands Zara and H&M in India. "The new format, internally called Regalia, will be spread across 20,000-30,000 square feet, and the company could open six stores initially. They have finalised their store locations in Mumbai and Gurgaon (Gurugram) and have also signed properties in Hyderabad and Bangalore," said two people privy to the launch.
The name of the brand will be announced at the time of the launch. The company will start store fitouts in some cities and the brand is expected to be launched from Bangalore during Navratri or Dussehra.
According to a retail consultant, Reliance has finalised Airia mall in Gurugram and High Street Phoenix in Mumbai and is looking for similar size stores in Delhi. Fast fashion is the fastest growing segment in apparel and lifestyle retail globally, and H&M and Zara have been runaway successes in India in the category associated with designs that move quickly from the catwalk to the showroom.
"International brands have the advantage of a certain cachet, which has allowed them to gain disproportionate visibility, both in terms of share of mind and share of space in prime locations in the larger cities, which has allowed them to grow rapidly," said Devangshu Dutta, founder of retail consulting firm Third Eyesight. "However, the market can certainly accommodate more fashion brands. Reliance will need to not only create a viable product-retail mix but connect with the aspirational aspects in the consumer's mind to compete with the international brands," Dutta said.
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