Saks Fifth Avenue, a subsidiary of Canadian fashion goods retailer Hudson's Bay Co., has dropped previously reported plans to open its first store in India, The Economic Times reported Dec. 18, citing sources.
The luxury retailer had planned to open its first store in partnership with Indian apparel maker Aditya Birla Fashion and Retail Ltd. at Aerocity in the Indian city of Gurgaon, the report said. Saks Fifth Avenue further planned to open a second store at Bandra Kurla Complex in the Indian city of Mumbai.
The report cited industry experts stating that for Indian conglomerates such as the Aditya Birla Group, entering the niche luxury segment may not be well-advised.
