Reliance Brands has acquired the India franchisee rights and the existing network of stores of Sunglass Hut from DLF Brands, according to two people familiar with the development.
Sunglass Hut, owned by Italy’s Luxottica Group, retails multi-brand premium eyewear products from Ray-Ban, Prada, Burberry, Dolce & Gabbana and Oakley, among various other labels.
Reliance Brands as well as Timmy Sarna, managing director of DLF Brands, declined to comment. Luxottica did not respond to ET’s email till press time on Wednesday.
Sunglass Hut entered India in 2013 and at that time the company had said DLF would open around 100 stores over the years. There are about 85 Sunglass Hut outlets in the country. “It allows us to become from day one a key player in one of the most promising retail markets for premium and luxury brands working side-by-side with the leading real estate company in the market,” Andrea Guerra, then CEO of Luxottica Group had said.
Sunglass Hut is the latest among of string of global brands managed by DLF in India including Mothercare, Mango, Forever 21 and Sephora, to change hands. In 2017, Myntra.com had acquired the local franchisee rights of Mango from the unit of the Delhi real estate giant, while DLF sold Forever 21’s India business to Aditya Birla Group in 2016.
Sunglass Hut is the second foreign brand Reliance has acquired from DLF after its buyout of UK’s Mothercare brand in 2018.
Reliance Brands, the upmarket brands sellers of Reliance Retail, sells uber luxury global brands such as Armani, Burberry, Diesel, Salvatore Ferragamo, Jimmy Choo among other swish labels.
Reliance Retail is flush with cash as in 2020 it raised ₹47,265 crore by selling about 10% to a raft of global private equity funds.
