DLF Brands, a subsidiary of realty major DLF, has struck an agreement with Claire’s Stores Inc, one of the world’s leading fashion jewelry and accessories retailers, to bring the brand to India.
The $3-billion Chicago-based value retailer, owned by global private equity firm Apollo Management LP, is largely present in North America and Europe but is now looking to expand its footprint in the Asian market with a big push in India.
DLF Brands, which retails brands like MotherCare, Alcott and DKNY, plans to open 75 stores of Claire’s over the next five years starting with the first one in New Delhi by December this year, according to DLF sources.
Claire’s is a specialty retailer which caters to girls in the ages of 3 to 27 across more than 3,000 stores globally. The NYSE-listed Claire’s also operates another brand Icing for older girls which is not a part of the 10-year licensing deal with DLF Brands. In 2007, Apollo Management had signed a $3.1 billion deal to buyout the retail chain. Around 50% of Claire’s Stores around the world are franchised while the rest are company owned.
According to industry observers UK-based Accessorize, a fast-fashion accessories retailer, which also operates the famous clothing chain Monsoon internationally, franchised by Planet Retail has been growing rapidly in India and will be the biggest competitor for Claire’s as they both play in the value retail segment. Along with Accessorize, brands like Aldo and Charles & Keith make up the organized fashion accessories market.
The retailer’s merchandise, which targets young girls, includes earrings, necklaces, bracelets, handbags, hair and fashion accessories. Claire’s also has its perfume line and diversified into electronics and bedroom line.
