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Canali buys 51% stake in Genesis Luxury Fashion

Canali, the Italian luxury brand, has acquired a 51 per cent stake to form a joint venture with Genesis


January 23, 2012  |  comments ( 0 )  | 
Canali buys 51% stake in Genesis Luxury Fashion

Canali, the Italian luxury brand, has acquired a 51 per cent stake to form a joint venture with Genesis Luxury Fashion, the brand’s Indian franchise. Earlier, the company had planned to set up a fully owned subsidiary, following the government's decision to allow 100 per cent FDI in single-brand retail. However, a higher stake would have required it to mandatorily source 30 per cent of its products from Indian small and medium enterprises, which made Canali stick only to a 51 per cent stake.Genesis, a franchise for various global brands, is operating five Canali stores in India – two in the National Capital Region, at the DLF Emporio Mall and at the Oberoi hotel in Gurgaon, and one each in Mumbai's Palladium mall, Hyderabad's Taj Krishna Hotel and Bangalore's UB City Mall.


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