Italian apparel maker Diesel forms joint venture with Arvind Mills
15 May 2007
Mumbai: Italian apparel maker Diesel has agreed to set up a joint venture company with Arvind Mills Ltd and set up a retail chain of 15 exclusive stores in India in the next three years, reports quoting Arvind Mill CEO Darshan Mehta said.
The two companies, he said, have formed a joint venture - Diesel India Fashion Arvind Pvt Ltd, adding that the Diesel brand enjoys huge demand from the high-end fashion lovers, He said the joint venture company would open 15 exclusive Diesel stores in cities such as Mumbai, Delhi, Bangalore,Chennai, Chandigarh and Hyderabad in the next three years.
The first two would come up by October this year, one each in Delhi and Mumbai, he said.
The products would be sourced from Italy or other places where Diesel has manufacturing facilities.
Diesel
would hold a majority 51 per cent stake in the joint
venture. India allows 51 per cent foreign direct investment
in single brand retail, which is the route adopted by
Diesel.
