India’s Reliance Partnering With Iconic Jeweler Tiffany 

Reliance Industries Partners With Tiffany

Reliance Industries in India has aligned with U.S.-based luxury jeweler Tiffany & Co to open a line of stores in the country, Reuters reported on Wednesday (Aug. 7).

Known for its classic blue boxes and diamond jewelry, Tiffany’s is planning stores in New Delhi later this year and in Mumbai in the second half of 2020, the company told the news outlet. India's "growing luxury consumer base presents a unique opportunity," the company said.

The deal is Tiffany’s latest global expansion effort as demand has fallen off in the U.S. and Europe.

Reliance, headed by Asian billionaire tycoon Mukesh Ambani, aims to expand its retail and telecom holdings to reach the level of its high-performing oil and gas business.

Reliance Industries started gearing up in February to invest 100 billion rupees ($1.4 billion) as part of its efforts to diversify into eCommerce. The move came as new eCommerce rules in India took effect, affecting multinational online retailers like Amazon and Walmart.

Reliance Industries already has retail stores in operation that sell clothes, groceries and more. The idea behind the company’s “new commerce” eCommerce initiative is to connect small merchants with a retail network and warehouses to help the merchants handle inventory, the report said. At the time, it was reported that the investment would go to increase the warehouse space in West Bengal over the next two years. Ambani said that Reliance’s eCommerce platform would “bring win-win benefits to consumers, retailers and producers” and help 30 million small merchants.

Under the new eCommerce rules, foreign companies can’t own stakes in the merchants and are prohibited from striking exclusive deals. It has forced both Amazon and Walmart to overhaul their operations in India, resulting in a rise in costs to operate in the country.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.