Williams-Sonoma, Inc. (NYSE: WSM) fell sharply after the company reported better-than-expected earnings for its third quarter on Thursday. The company also disclosed a partnership with Reliance Brands for India market.
The San Francisco-based Williams announced plans to bring Pottery Barn, Pottery Barn Kids and West Elm to India through a franchise agreement. The opening of the brands’ first stores will be in Mumbai, India in early 2020, along with the launch of e-commerce websites.
Said WSM CEO Laura Alber, "We are excited to partner with Reliance as part of our continued global expansion. We are looking forward to opening our first stores in Mumbai and introducing our distinctive brands, excellent customer service, and exceptional products to customers in India."
For its part, Reliance Brands Limited is part of the Reliance Industries Group. Reliance Brands began operations in 2007 with a mandate to launch and build international and domestic brand equity in the premium to luxury segment across apparel, footwear and lifestyle business.
Its current portfolio of brand partnerships comprises of Armani Exchange, Bally, Bottega Veneta, Brooks Brothers, Burberry, Canali and Coach, among other companies.
Williams-Sonoma, Inc. is a specialty retailer of high-quality products for the home. These products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores.
The stock ditched $7.10, or 11.7%, by midday Friday to $53.46.
