FIFTH Avenue Holdings has announced to launch a mix of fashion and food brand in Indian market.
For the venture, the firm, which is the parent company of Chennai-based Fifth Avenue Sourcing, will combine major menswear brand Fred Stuart and its knitwear brand, Anteedote, with food & beverage format called Pasta Bar Veneto.
The firm has chalked out an investment plan worth Rs 45-50 crore for the retail foray, which will be raised through internal accruals and bank debt, over a five year period.
Promodh Sharma, Chairman at Fifth Avenue Holdings, said that the company intends to leverage their understanding of sourcing to develop affordable knitwear ranging from Tees to Polos and dresses.
Fifth Avenue Sourcing manages the sourcing needs for international brands such as Diesel, Replay, Fila and Calvin Klein.