Reliance Brands says that for the Mukesh Ambani-company it’s not Diwali, but Christmas, which brings a boom in sales.
While the whole country is gearing up for the upcoming Diwali sales and major retail companies are expecting sales revival during the time, Reliance Brands says that for the Mukesh Ambani-company it’s not Diwali, but Christmas, which brings a boom in sales. Diwali is “over-rated” and our sales are driven by mood and sentiment, Darshan Mehta, CEO, Reliance Brands, told ET Now. Business at Reliance Brands is driven by seasonality and we experience more sales during Christmas, he told the news channel. Further, dissing consumer slowdown at Reliance Brands, Darshan Mehta also said that the company witnessed sluggish sales in the last two-three months. Possibly, “we are making too much about it… clothing, footwear etc are becoming weekend habits… we are not seeing the headwinds of slowdown that strongly,” he told CNBC TV-18 in another interview.
Speaking about the ongoing consumer slowdown, Darshan Mehta said that the company does not expect the same to accentuate further. India has been reeling under an economic slowdown that has been hitting consumer spending for some months now. Previously, Darshan Mehta had said that festival days do not impact the sales in the fashion industry but have major impact on large-ticket items such as cars. However, many analysts, market research firms and surveys have said that consumer sentiment is expected to pick up in the upcoming days and retailers will see recovery.
Meanwhile, Reliance Brands is soon bringing the first Indian outlet of jewellery brand Tiffany to the country and the same is expected to be launched by January 2020. “We will launch the first Tiffany store in January 2020 at the Chanakya mall, New Delhi,” Darshan Mehta, recently said. The company is also eyeing to open its second store in Mumbai, which is expected to be opened by the second half of 2020. Reliance Industries has previously brought global brands such as Armani Exchange, Hugo Boss, Burberry, Coach etc in partnership. Reliance Brands Limited is a part of Mukesh Ambani’s conglomerate Reliance Industries and manufactures and markets jewellery, watches and luxury accessories.