Tiffany & Co, the iconic American jeweller, is entering India in partnership with Reliance Brands. The first store will come up in New Delhi this year followed by Mumbai the next year.

Tiffany, known for its diamond engagement rings, will be another major brand to be added to the portfolio of Reliance Industries.

In May, the Mukesh Ambani-flagship had bought British toystore chain Hamleys.

Organised retail contributed more than Rs 38,000 crore to the revenues of Reliance Industries Ltd (RIL) in the first quarter of this fiscal, a growth of 48 per cent over the same period last year.

Reliance Retail operates more than 10,644 stores across 6,700-plus towns and cities covering 23 million square feet.

In a statement, Tiffany said it would enter the Indian market through a joint venture with Reliance Brands Ltd (RBL).

“Through a joint venture, Tiffany plans to open new stores in Delhi in the second half of 2019 and Mumbai in the second half of 2020, capitalising on its already strong image and brand awareness in the emerging and style-conscious luxury market,” the statement said.

Tiffany operates more than 320 stores in over 25 countries with over 80 in the Asia-Pacific as well as e-commerce websites in 14 markets.

“As a global luxury jeweller with stores in many of the world’s most important cities, Tiffany’s emergence in these Indian commerce centres

with their growing luxury consumer base presents a unique opportunity,” said Philippe Galtié, executive vice-president of global sales, Tiffany & Co.