The Italian luxury clothing and accessories brand Versace 19.69 Abbigliamento Sportivo has announced its entry in the Indian market. For its foray into India, the brand has inked an exclusive partnership with Magenta Fashions, an apparel and leather exporter.
According to the MoU signed, the Italian brand has agreed to grant a license of the trade name and trademarks to Magenta Fashions, to manufacture and market on its behalf of and in the name of Versace 19.69 Abbigliamento Sportivo, Milano Italy.
Ravi Shankar Rao, Managing Director & Partner, Magenta Fashions-India, said, "The company would be entitled to manufacture whether by itself or through any third party appointed by Magenta Fashions, on behalf and in the name of the Versace 19.69 and market and sell the products using the trade name and trademark through various marketing formats, including sourcing, outsourcing, franchising and similar arrangements. The company shall also be entitled to source from/through Versace 19.69 or its licensees worldwide, import to India and market in India through the stores set up by Magenta Fashions directly or through franchisees, any other products, not included in the agreement, manufactured and marketed directly or indirectly by the Italian firm/its licensees using the trade name and trademarks."
The brand will be introducing products in categories including apparel, footwear, accessories, jewellery, eyewear, cosmetics and home furnishings. The first phase will see eyewear and jewellery and then the complete range by end of 2013.
Magenta Fashions also plans to openaround 70 stores across India in next two years.