Majgenta to raise $10 mn
Announces the formation of Indian entity Versace 19.69 India Ltd.January 22, 2013 | comments ( 0 ) |
Majgenta Fashions who recently inked a pact with Italian luxury clothing and accessories brand Versace 19.69 ABBIGLIAMENTO SPORTIVO, Milano-Italy, to facilitate brand’s India entry announced setting up of separate Indian entity ‘Versace 19.69 India Ltd.’. Majgenta Fashions is looking at raising USD 10 Million to roll-out company owned Versace 19.69 ABBIGLIAMENTO SPORTIVO MILANO-ITALY stores.
“The funds will be used primarily to invest in retailing and marketing activities to fuel Versace 19.69 India Ltd’s pan-India expansion plans as well as product development.” said Ravi Shankar Rao, Managing Director & Partner, Majgenta Fashions-India."
Elaborating on the exclusive partnership with Majgenta Fashions-India and to tap into USD$ 535billion Indian retail market, Theofanis Papadas, CEO, Versace 19.69 Italia S.R.L., said “The management of Versace 19.69 is delighted with the recent announcement and is totally behind this new partnership. Under the MOU,Versace 19.69 Italia SRL has agreed to grant a license of the Trade name & Trademarks to Majgenta Fashions -India, to manufacture and market on behalf of and in the name of Versace 19.69 ABBIGLIAMENTO SPORTIVO, Milano Italy. The brand is all set to offer products under various categories that include Apparels, Footwear, Accessories, Jewelry, Eye-Wear, Cosmetics and Home Furnishings.”
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