Reliance Brands Steps Up With Italian Luxury Brand Zegna-aizi

Business Reliance Brands, a part of Mukesh Ambani"s Reliance Group has formed a joint venture with Ermenegildo Zegna Group, a world leader in luxury menswear, to develop the Zegna brand in India. Reliance Brands, a unit of Reliance Retail is buying 49 percent stake in Ermenegildo Zegna group’s India retail operations. The Zegna group will hold 51 per cent stake in the firm. Reliance group .pany said Mumbai-based, Zegna South Asia Private Ltd, will be re-organized as a joint venture between Ermenegildo Zegna Group and Reliance Brands Ltd. Ermenegildo Zegna Group has been active in India since 2003 and was one of the first global luxury brands to get FDI approval for mono-brand retail following liberalization by the Indian government. The first directly managed store was opened in Mumbai in 2007, followed by openings in Bangalore and New Delhi in 2008. The JV .pany plans to set up more than 10 stores across 6-7 cites by 2015, beginning with a single-brand boutique to be opened in Hyderabad in October. At the end of 2015, the .pany hopes, India could potentially be the largest market in South and South East Asia for Ermenegildo Zegna. On the joint venture with Ermenegildo Zegna Group, Darshan Mehta, president and CEO, Reliance Brands, said, "Zegna is one of the most coveted brands in men"s luxury, and it is a matter of prestige and excitement for Reliance to partner with them in India. Given the rising aspirations and influence of western luxury on the Indian consumer, this partnership is well timed." Mukesh Ambani"s Reliance Brands began operations in October 2007 with a mandate to launch and build international and domestic brand equity in the premium to luxury segment across apparel, footwear and lifestyle businesses. With this JV Reliance Industries wants to focus on international brands like these, especially when the segment is less .petitive and can offer much higher margins than its other formats. About the Author: 相关的主题文章: