Saks Fifth Avenue enters franchise agreement with Reliance Retail

US luxury department store Saks Fifth Avenue has established a franchise agreement in India with the country’s retail giant, Reliance Retail.

This was announced in Reliance Industries’ consolidated results for the quarter ended 31 December, 2024. Here, the group, the parent company of Reliance Retail, revealed that its Premium Brands business had entered into the franchise deal as it reported a “strong turnaround in fashion and lifestyle consumption” over the quarter.

Over 3Q FY25, Reliance Retail posted a revenue increase of 8.8 percent year-over-year, and 18.4 percent quarter-over-quarter, with productivity improvements and increased consumer engagement cited to be the drivers. EBITDA from operations rose 9.8 percent YoY, while its EBITDA margins sat at 8.3 percent.

Its latest partnership with Saks Fifth Avenue expands on an existing relationship with the US retailer, which exclusively launched Reliance-owned brands AFEW by Rahul Mishra and Akok by Anamika Khanna during the third quarter. Such efforts come as part of Reliance Retail’s mission to globally expand its intellectual properties, which has remained a strong focus area for the business, the report stated.

In the way of Premium Brands, meanwhile, Reliance has also been upping its breadth in the sector, securing partnerships with the likes of French luxury group SMCP, which last week opened its first Sandro store in India.

Details of the Saks Fifth Avenue and Reliance Retail agreement were not disclosed in the report.