Canali, the high-end Italian apparel brand, has entered into a 51:49 joint venture deal with Genesis Luxury Fashion, which markets and distributes international luxury labels within India, for spearheading Canali's retail operations in India.
The two companies have been working together for four years now as Genesis currently has distribution rights of Canali-branded products in India.
At present, the two firms are operating five exclusive single-brand boutiques in the country – two in Delhi and one each in Bangalore, Mumbai and Hyderabad.
The agreement came about after the Foreign Investment Promotion Board (FIPB) last week approved Canali's proposal for investing Rs. 76.5 million in India and setting up a joint venture.
The joint venture will now exclusively sell Canali branded products in India. It plans to open 10-15 outlets over the next few years in India.
Fibre2fashion News Desk - India
marketing@alchempro.com
