Trent Inditex tie-up to promote Zara stores in India
06 Feb 2009
Trent, the retail arm of the Tata group on Thursday announced a joint venture (JV) with Inditex group of Spain to develop and promote the foreign company's Zara stores in India.
Inditex will pick up a 51-per cent stake in the JV while the remaining 49 per cent will be held by Trent. The partnership will launch its first store next year in New Delhi which will be followed opening of similar stores in Mumbai and other major cities of India.
"We see great opportunities for Zara in a country which is becoming increasingly fashion conscious. Zara has proven itself capable of quickly adapting to changing consumer tastes across geographies. Zara will satisfy the discerning Indian consumer's demand for the latest fashion trends very well," Noel N Tata, managing director of Trent said in a media statement.
Inditex has a strong retail presence under the Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe concepts. It has more than 4,200 stores in 73 countries. The company posted 9.435 billion euros in sales in 2007.
Inditex's deputy chairman and chief executive Pablo Isla said,"We view our entry into the Indian market to be of significant strategic importance. We are extremely delighted to be associating with Trent from the Tata Group one of India's largest and most respected business houses."
He said that Inditex's retail offering has been received vey well in Asian markets and the company has rapidly expanded there. He said that India is one of the top priorities in the region for the company.
Inditex is one of the world's biggest fashion retailers. Its retail presence under the Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe concepts encompasses more than 4,200 stores in 73 countries worldwide.
The company has more than 86,000 employees throughout the world and posted sales of 9.4 billion euros in 2007.
