Ultra-luxury retail business in new-age India will be founded on old money. North America’s oldest commercial firm is partnering Aditya Birla Group, whose origins date back to 1857, to start Saks Fifth Avenue outlets in a country that once boasted of the poshest store east of the Suez.
Hudson’s Bay Co.-owned Saks, which competes with Macy’s Inc. and Kohl’s Corp. for customers of designer or limited-edition footwear, clothing, and accessories, will help Indian shoppers live the Fifth Avenue experience in New Delhi’s Aerocity, according to three people familiar with the development.
Saks has appointed Aditya Birla Fashion and Retail as the India franchisee and the first outlet is expected to come up in Bharti Realty’s Worldmark 2, said one of the persons with direct knowledge of the negotiations.
Read more: The Economic Times