A Primark spokesperson has told Just Style it "has no current plans to enter the Indian market" following claims by The Economic Times that it had been assessing the Indian market for several years and was considering a potential collaboration with Reliance.
The spokesperson added: "We don't comment on speculation about talks with potential partners.
"As a growing international business, we routinely engage in a wide range of discussions on future opportunities."
GlobalData's retail analyst Neil Saunders pointed out that India's apparel market is "massive" and is "growing rapidly" so it would make sense for Primark to take "a slice of that action".
However, he noted, that foreign retailers entering India are often challenged by various regulations, including investment restrictions, so "any move is difficult".
Saunders added that a potential partnership with Reliance if it did decide to enter India would help the retailer to navigate many of these complexities and would also help it to understand some of the specific aspects of the market.
GlobalData's apparel analyst Chloe Collins echoed a similar sentiment, telling Just Style that Primark would have needed to "adapt" its ranges and stores to ensure they were properly catering to Indian consumers. She agreed that in the scenario of Primark ever deciding to enter the India market, Reliance would be a "perfect" partner, thanks to its strong local knowledge.
Collins told Just Style: "International expansion has been Primark’s main growth driver in the last few years."
She added that India’s growing economy makes it a strong prospective country for Primark to focus on in future given it has plenty of consumers seeking out affordable fashion.
Reliance Industries' portfolio of brands includes multiple international brand partnerships such as Valentino, Balenciago, Tod's, Burberry and others.
Reliance Industries had not responded to Just Style's request for comment at the time of going to press.
