According to a report by The Economic Times, Reliance Retail is getting ready to open a chain of upscale boutiques selling ethnic handicrafts under the Swadesh name, both in India and abroad. Upmarket ethnic handicrafts, fusion apparel, jewelry, blue ceramics, silverware, rugs, and home décor will all be available at these boutiques.
Reliance is in talks to establish strategic alliances with upscale designers and craftspeople across the globe in order to further this endeavor. The retail behemoth has not yet revealed which nations will see the launch of the Swadesh brand, although it is expected that a location would open in a significant Indian city.
The Swadesh outlets will integrate with JioMart, Reliance's e-commerce platform. By 2025, the handicraft effort hopes to have over a million weavers and artisans working with it, up from the current number of about 10,000. The planned stores are anticipated to be located in Delhi, Hyderabad, Bengaluru, and Mumbai. They will each have an approximate floor area of 30,000 to 35,000 square feet. The company-owned boutiques, according to reports, will resemble government-run cottage-industry emporiums but will sell more expensive goods.
This development is consistent with Reliance's plan to profit from the growing ethnic handcraft market. The industry is expanding quickly thanks to direct-to-consumer platforms, handicraft start-ups, and micro-entrepreneurs. According to research firm IMARC Group, which was cited by ET, the market is expected to grow from $3.96 billion in 2022 to $6.21 billion by 2028.
The announcement came soon after Reliance Retail Ventures received a Rs 4,966.80 crore investment from the Abu Dhabi Investment Authority (ADIA). Through this investment, ADIA will acquire a fully diluted ownership share of 0.59% in the company. Reliance Retail Ventures has also recently acquired money from the Qatar Investment Authority and KKR.
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