Brooks Brothers & Reliance Brands form JV in India
Brooks Brothers Group Inc. and Reliance Brands Limited, a part of the Reliance Industries Group, announced the formation of a joint venture company in India.
Brooks Brothers is an American icon, an institution that has redefined and shaped classic American style for nearly two centuries, making it the country's oldest clothing retailer and the clothier of choice for nearly every US President as well as leaders in the worlds of business, the arts, finance and politics.
Since introducing the first ready-to-wear suits in 1845, just ahead of the great Gold Rush, the company has continued this tradition of fashion innovation, excellent workmanship, personal service and exceptional value.
In addition to their iconic dress shirts and suits, Brooks Brothers carries all apparel and accessory categories for men, women and children as well as a home line and a designer collection called Black Fleece by Brooks Brothers, designed by Thom Browne.
Mr. Claudio Del Vecchio, Chairman and CEO of Brooks Brothers, has said of the collaboration, "We have partnered with Reliance Brands Ltd. because of their passion for the Brooks Brothers brand, their track record with other premium brands, and their expertise and connections within India. We are incredibly fortunate to have them as partner as we enter this important retail market."
The Brooks Brothers flagship store is located at 346 Madison Avenue, New York City, a location it has held for almost a hundred years. As of 2011, Brooks Brothers is available at 210 locations in the United States and 200 in other countries, including Korea, Japan, China, Taiwan, Singapore, France, the United Kingdom, Chile, Canada, Italy, Mexico, and Greece.
With the immense growth that has taken place in premium fashion retail combined with a heightened sartorial aesthetic of an aspirational Indian consumer, the Indian market is a natural next stop in the global expansion plans for Brooks Brothers.
Commenting on the partnership, Mr. Darshan Mehta, President & CEO, Reliance Brands Ltd. said, "By all accounts, Brooks Brothers is an immensely distinguished heritage brand that is forever woven into the history of American clothing.
Today, it is a recognized name throughout the world and with its early hallmark of fine tailoring combined with contemporary apparel; it has much to offer consumers in India, many of whom have already been firm loyalists of the brand for years. In fact, Brooks Brothers has long roots with India and it is, in a way, a coming of full circle as it was the first American brand to bring madras from India to America back in the 1920s, re-defining casual wear of the time, and today, we bring Brooks Brothers to India."
Through this new joint venture, Brooks Brothers' products will be available in major cities across India through exclusive mono-brand stores which will carry the entire range of menswear and women's wear including clothing,sportswear, and accessories.
As America's oldest retailer, Brooks Brothers has long been a fashion innovator.
Reliance Brands Limited is part of the Reliance Industries Group.
Reliance industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of Rs. 339,792 crore ($ 66.8 billion), net profit of Rs. 20,040 crore ($3.9 billion) and net worth of Rs. 1,66,096 crore (US$ 33.21 billion) as of March 31, 2012.
Brooks Brothers Group Inc