Milan-based luxury fashion company Gianni Versace SpA has terminated its exclusive franchise agreement with Indian partner Blues Clothing Company reasoning the “poor performance”.
Versace is expecting to shut its two stores in Delhi and one in Mumbai by the end of this month. All this is happening with the brand when govt. has allowed FDI to set up their fully owned stores.
Sehgal founded Blues Clothing in 1996 after selling books under the name of Sehgal Brothers for 30 years. Initially Blues Clothing imported and sold European style ready-to-wear clothing in India. In 2005, the firm signed exclusive franchise agreements with brands like Gianni Versace, Versace Collection, Cadini and Corneliani.