Reliance Brands Ltd (RBL), the retail brand licensing arm of Reliance Industries Ltd (RIL), on Thursday announced a strategic partnership with global fresh food & organic coffee chain, Pret A Manger, to launch and build the brand in India.
With this long-term master franchise partnership, RBL will open the food chain across the country starting with major cities and travel hubs.
Pret A Manger, French for 'ready to eat', first opened in London in 1986. It was a shop with a mission to create handmade food, freshly prepared each day.
Over 35 years later, the brand currently has 550 shops globally across 9 markets including the UK, US, Europe, and Asia, offering organic coffee, sandwiches, salads, and wraps freshly made each day.
"Our partnership with Pret is rooted in the strong growth potential of both Pret as a brand as also of the food & beverage industry in India. RBL closely follows the pulse of Indian consumers and there is an increased consciousness of what we eat – rapidly making Food the new Fashion.
Indians, like their global counterparts, are seeking Fresh and Organic ingredient-led dining experiences which has been synonymous with Pret’s core offering. Couple that with the high recall the brand enjoys in the country, it's undoubtedly a recipe for success," said Darshan Mehta, managing director of RBL.
"As India's largest luxury to the premium retailer, RBL has over 14 years nurtured and grown global brands in the country. With its rich cache of insights on customers’ evolving spending habits and an ambitious expansion plan, RBL’s first foray into the food industry will bring the much-loved Pret dining experience, to one of the biggest retail markets," the RBL said.
Pano Christou, CEO of Pret A Manger said, "Two decades ago, we opened Pret’s first shop in Asia and it's been an inspiration for all of us to bring our freshly made food and 100 percent organic coffee to new cities across the continent.
RBL is a great partner to help us do just that, bringing their years of expertise in the market to help our brand succeed in India. We’re looking forward to working with them on what is our most ambitious global franchise partnership to date."
Post this announcement, shares of the oil-to-telecom conglomerate traded in the red. At 9:23 am, shares of RIL were down 0.4 percent at Rs 2,584.2 on the BSE.
Ashish Chaturmohta, Director and Head-Research, JM Financial Services, had told CNBC-TV18 on Thursday that RIL’s stock is showing strong signs of recovery after correcting for last five weeks.
“So here, initiate long, keep Rs 2,520 as a trading stop loss and on the upside Rs 2,700-2750 would be the short-term target,” he said.