US/INDIA: Reliance Retails signs Payless franchise deal
Payless has 258 franchised stores across the Middle East, Asia and Eastern Europe
The agreement will see India's largest retailer open exclusive franchisee stores targeted at budget-conscious consumers.
Reliance said it will replicate the "experiential elements" of Payless stores globally, offering an entire footwear and fashion range.
Payless has 258 franchised stores across the Middle East, Asia and Eastern Europe in countries such as Russia, the Philippines, Saudi Arabia, and Indonesia.
Through the partnership, Reliance said it will further improve its proposition in the footwear segment.
"Payless is an exciting addition to Reliance's retail portfolio offering fashionable footwear at affordable prices for the Indian consumers," said G Sankar, CEO of footwear for Reliance Retail.
"We believe this association has the potential to storm the ladies and kids footwear market in India which has largely been unorganised and fragmented to date."
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India's Reliance Retail posted a 34% revenue rise in the year to 31 March, boosted by the opening of more than 200 new stores and robust like-for-like sales growth....
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