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Rediff News  All News  » Business » Saks Fifth Avenue to set shop in India

Saks Fifth Avenue to set shop in India

February 01, 2006 05:43 IST
New York-based high-end fashion retailer Saks Fifth Avenue is setting up shop in India. Wooed by Delhi realty major DLF Properties, Saks has just signed on the dotted line for taking up a 50,000-square-feet space in DLF's upcoming shopping mall in Delhi's Vasant Kunj, and has checked out potential sites shown by the developer in Mumbai.

According to market sources, Saks is being brought to India by the same group that owns the license for the Persian Gulf region, Style Avenue Middle East.

The shareholders of Style Avenue Middle East include Damas Jewellery, Kapico Group, Chalhoub Group and the Al Mana Group. The group opened an 80,000 - square-feet Dubai store in October 2004 after almost a year's delay.

In Mumbai, DLF has been trying to interest the Saks licensee into investing in one of its upcoming properties in Mahalakshmi. Market sources, however, indicate that no Mumbai deal has yet been signed.

For a hint of what may be on display, look at Saks Dubai, which has been showcasing several Indian designer collections as well. Saks Dubai also happens to be the largest Saks store outside the US.

Since its inception on New York's Fifth Avenue in 1924, Saks has evolved into a icon for high end fashion stores.

The main store sells cosmetics, fragrances and accessories as well, and has several individual designer boutiques under its aegis too - Tiffany's, Scavia, Prada, Alberta Ferretti, Philosophy, Jean Paul Gaultier, and Christian Dior.

Gayatri Ramanathan in Mumbai