GAS,luxury apparel and denim brand from Italy, is forming a joint venture company with Reliance Brands to consolidate and expand its business in India.
GAS,luxury apparel and denim brand from Italy, is forming a joint venture company with Reliance Brands to consolidate and expand its business in India. At present, the fashion arm of Reliance Industries runs exclusive GAS outlets while the brand's wholesale and distribution business is handled by GAS Jeans India, a wholly owned subsidiary of GAS brand owner Grotto.
Going ahead, both these businesses will be consolidated into ajoint venture, officials said. "We are taking our partnership with GAS to the next level," Darshan Mehta, CEO of Reliance Brands, told ET. He did not share investment details.
The companies are in the process of making an investment application to the Foreign Investment Promotion Board of India. Barbara Grotto, global marketing head of GAS brand and daughter of its founder Claudio Grotto, said, "The brand is doing very well here." She is in the country to launch a new marketing initiative in association with Honda Motor.
GAS Jeans India reported EBITDA level profits for the first time in the last year and, according to Reliance Brands' Mehta GAS' wholesale revenues are expected to touch Rs 100 crore in the country this year. GAS branded apparel and accessories are currently sold at over 65 points of sale, including 16 exclusive outlets run by Reliance Brands, in the country.
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