The Italian luxury brand, Canali, has formed 51:49 joint venture with Genesis Luxury Fashion for retail operations in India. The two had a distribution arrangement earlier, under which Canali had five exclusive mono brand boutiques in the country.
The tie up, which was under approval process with Foreign Investment Promotion Board, has been now received approval. According to the proposal, the JV will invest Rs 7.65 crore.
At the occasion, Stefano Canali, General Manager and third generation of the Canali family in business said, “India is a market with a remarkable potential still to be exploited. By teaming up with Genesis Luxury we are confident that we will be in a better position to strengthen our leadership in the Indian luxury menswear market.”
While Sanjay Kapoor, MD, Genesis Luxury commented, “Canali is a leading Italian menswear brand globally. They have been in a successful business association with us for over 4 years now; hence, a JV with Canali Group was the next logical step. We plan to accelerate the brand growth in India by opening 10 to 15 stores over the next 3-4 years.”