Armani and DLF Get Together for Retail Venture

February 19, 2008	(1 votes, average: 2 out of 5)  Loading ...
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Leading Italian designer Giorgio Armani’s firm has joined hands with India’s biggest real estate company, DLF Ltd .Giorgio Armani Holding BV, a wholly-owned subsidiary of the Italian firm, will take 51 percent in the venture, the maximum allowed for a single-brand foreign retailer in India.

Armani will bring 10 million rupees ($250,000) to the venture, which would “also act as a wholesaling firm supplying Armani-branded products to other independent retailers”, it said.

The first Armani stores would be set up in New Delhi, it said. In December, the Foreign Investment Promotion Board approved an investment of 365 million rupees by Dolce & Gabbana in a 51:49 joint venture with DLF.

Luxury fashion brands are stepping up their presence in India to tap rising incomes in Asia’s third-largest economy.

News Published Under:   Retail Market in India |

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