Asos is thought to be in talks with Indian retail company Reliance Retail to bring the British fashion giant to the Indian market, reports have revealed.
Sources said discussions between the two businesses have “been on for a while,” although an agreement has not yet been reached, according to India Retailing.
India’s largest retailer is expected to offer Asos products via its department store arm, Centro, and online at fashion and lifestyle brand Ajio, one source reported.
Additionally, another source claimed Reliance Retail could launch standalone Asos stores in India if the deal goes through.
The source said: “Reliance will definitely sell Asos products on Ajio and in stores, but may or may not have a dedicated Asos India e-commerce site.”
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Asos’s partnership with Reliance Retail is expected to increase its sourcing in the future, despite the brand having sourced out of India for many years, according to Retail Week.
A Reliance Retail spokesperson said: “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis.
“We have made and will continue to make necessary disclosures in compliance with our obligations under the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges.”
Back in November Asos plunged to a near-£300m full-year loss as it warned its sales slump would continue.
The retailer said it expected sales to decline between 5% to 15% in its current year as it continued to clear old stock.
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