Genesis Luxury to market international luxury labels
29 Aug '07
2 min read
Genesis Colors Pvt Ltd, the holding company for designer labels Satya Paul, Deepika Gehani, Samsaara and Shobhaa De' has entered into a joint venture with Sports Station India Pvt Ltd(SSIPL), a leading player in the retail Industry, currently marketing brands like Nike, Levis, Dockers amongst others, to form 'Genesis Luxury Pvt Ltd', which will market and distribute international luxury labels within the country.
Paul Smith, Aigner and Rossetti are the brands that will be incorporated in the JV immediately while talks are on with other leading luxury brands.
Genesis Colors had earlier entered into an agreement with Canali for marketing and distribution in Delhi, Bangalore and Hyderabad. This will also now come under the new company.
SSIPL already has the exclusive rights for Aigner, Paul Smith and Rossetti. Speaking about the JV, Sanjay Kapoor, MD, Genesis Colors, said “ GCPL has been in the Indian Luxury retail business for a few years now, therefore we understand the psyche of the luxury consumer quite well."
"Our venture into the retail of international luxury labels is hence a logical extension to our business.” He added, “ By joining hands with SSIPL we can collectively take advantage of factors such as economies of scale, trained manpower and the right real estate for running the business.”
Commenting on the development, Rishab Soni, MD, SSIPL, said, “ We see huge potential for the luxury market in India and this JV will be well poised to maximize the opportunity in this segment.” Genesis Luxury Pvt Ltd plans to open 50 to 70 luxury retail stores for its brands across the country in the next 3-4 years.
marketing@alchempro.com
