Brandhouse announces joint venture with Italy’s OviesseFebruary 17th, 2009 - 7:55 pm ICT by IANS
New Delhi, Feb 17 (IANS) Textile major Brandhouse Retails has signed a joint venture agreement with Italy’s leading apparel brand Oviesse to open 190 stores in India at an investment of Rs.1.61 billion (Rs.161 crore) over a period of five years, it was announced Tuesday.
Brandhouse will hold 62.5 percent stake in the joint venture, while Oviesse will own the balance 37.5 percent. Oviesse is part of Gruppo Coin, which manages high fashion department stores in Italy under the brand name COIN.
The store rollout is expected to commence later this year.
“Indian youth today are exposed to international trends and seek high fashion, which in India is not available and definitely not at affordable prices. With this JV, we would be ideally suited to address this huge demand amongst the youth across the country,” Brandhouse chairman Nitin Kasliwal said.
Added Gruppo Coin chief executive Stefano Beraldo: “India is today in the radar of most international companies. With its huge population of youth, we see it as a perfect market for the Oviesse brand.”