Dependent brand is in talks to buy a stake in the American high-fashion retailer Prabal GurungWith its high-end lifestyle brand and setting up exclusive luxury flagship stores in Jio World shopping mall, the executives are aware of the growth.
An American of Nepalese descent fashion designer, Gurung is known for dressing up celebrities like Michelle Obama, Sarah Jessica Parker, and Anne Hathaway. He launched his line in 2009 at New York Fashion Week.
“dependence Brands are adopting a flanking strategy, by partnering with fashion brands across ethnic, western and wedding lines. The labels will be between the physical store and its e-commerce platform,” said one of the executives, who did not wish to be identified.
dependence Brands has a 40% stake in designer Manish Malhotra’s label, in addition to a majority stake in high-end fashion brand Abu Jani Sandeep Khosla. It also has strategic partnerships with other Indian designers. The move to collaborate with high-fashion designers is part of a larger plan to stay ahead of the competition in the luxury segment and penetrate the global market.
“In keeping with company policy, we will not comment on speculative news,” a spokesperson for Reliance Brands said in response to an emailed question. An email seeking comment from Gurung’s office remains unanswered as of press time.
The company is competing with Fashion Aditya Birla & Retail, the company also bought shares of fashion brands.
The CEO cited earlier said: “These partnerships are being built to meet the aspirational demand from affluent tier 2 markets.