Reliance Brands buys Sunglass Hut’s India franchisee rights, stores

Reliance Brands has acquired the India franchisee rights and the present community of stores of Sunglass Hut from DLF Brands, in accordance with two folks acquainted with the event. Sunglass Hut, owned by Italy’s Luxottica Group, retails multi-brand premium eyewear merchandise from Ray-Ban, Prada, Burberry, Dolce & Gabbana and Oakley, amongst varied different labels.

Reliance Brands in addition to Timmy Sarna, managing director of DLF Brands, declined to remark. Luxottica didn’t reply to ET’s e-mail until press time on Wednesday.

Sunglass Hut arrived India in 2013 and at the moment the corporate had mentioned DLF would open round 100 stores over time. There are about 85 Sunglass Hut retailers within the nation. “It allows us to become from day one a key player in one of the most promising retail markets for premium and luxury brands working side-by-side with the leading real estate company in the market,” Andrea Guerra, then CEO of Luxottica Group had mentioned.

Sunglass Hut is the latest amongst of string of worldwide manufacturers managed by DLF in India together with Mothercare, Mango, Forever 21 and Sephora, to alter fingers. In 2017, Myntra.com had got the native franchisee rights of Mango from the unit of the Delhi actual property big, whereas DLF bought Forever 21’s India enterprise to Aditya Birla Group in 2016.

Sunglass Hut is the second international model Reliance has acquired from DLF after its buyout of UK’s Mothercare model in 2018.

Reliance Brands, the upmarket manufacturers sellers of Reliance Retail, sells uber luxurious international manufacturers similar to Armani, Burberry, Diesel, Salvatore Ferragamo, Jimmy Choo amongst different swish labels.

Reliance Retail is flush with money as in 2020 it raised ₹47,265 crore by promoting about 10% to a raft of worldwide personal fairness funds.