Reliance Brands inks 51:49 JV with Italy-based Diesel

Reliance Brands, a part of Mukesh Ambani owned Reliance Retail, has entered in a 51:49 JV with Italy-based leading fashion brand Diesel. The majority of the stake would be held by Diesel. This for the second time Diesel is entering into alliance with an Indian company after calling off its tie up with Arvind Brands. The JV is targeting the cities Delhi and Mumbai to start its operation. The cities like Bangalore, Hyderabad and Chandigarh will be the next stop. On this occasion, Renzo Rosso, president and founder of Diesel, said, “In Reliance Brands, we have found an ideal partner in size and management skills, and also a team of people with whom we perfectly align on all strategic plans about how to develop in the Indian market.” “This joint venture is one of the most important milestones for the company. It is an exciting prospect to offer the complete gamut of offerings of the brand in India, including Diesel’s cutting-edge in-store experience,” added Darshan Mehta, president and chief executive, Reliance Brands