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BENGALURU (Reuters) -Reliance Industries Ltd’s retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led co*pany continues to grab a bigger slice of India’s luxury market.

The new store chain called Azorte, the first of which was launched in Bengaluru, will co*pete with the likes of Mango and Industria de Diseno Textil SA (Inditex)-owned Zara, and cater to millenials and Gen Z.

“The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion,” said Akhilesh Prasad, chief executive officer of the fashion and lifestyle arm of Reliance Retail.

The co*pany plans to have up to 40 stores across 12 cities over the next nine months, he added.

In three years, Azorte will contribute to 15% incremental revenue of Reliance Retail’s fashion and lifestyle business, Prasad said at the store launch in Bengaluru.   

The new store chain is a part of Reliance Industries’ aggressive strides in the retail industry, forging partnerships with domestic and global brands.

The co*pany plans to build a portfolio of 50 to 60 grocery, household and personal care brands within this year and is in advanced talks to get the rights for LVMH-owned French beauty brand Sephora in India.

Reliance’s luxury and lifestyle foray has been led by Ambani’s daughter Isha.

(Reporting by Nandan Mandayam and Nivedita Bhattacharjee in Bengaluru; Editing by Rashmi Aich)