Fashion retailer Genesis Colors on Monday said it has signed an agreement with London-based accessories player Tie Rack for marketing the latter’s product in the Indian market and plans to open 10 exclusive outlets in the country in the next o ne year.
The company said it has entered into a licensing agreement with Tie Rack. “This agreement would enable the marketing and retail of Tie Rack in India,” Genesis Colors said in a statement.
“Our plan is to open 10 exclusive outlets in the first year and have 130 sales points by our fifth year of operations,” Genesis Colors MD, Mr Jyoti Narula said.
He said Genesis Colors has been the market leader in the necktie and accessories business in India, with over a 100 retail points in the country. “We will use the same expertise of design, manufacturing and distribution to grow the Tie Rack business in I ndia.”
Tie Rack Retail Group Chairman, Mr Jacopa Fratini said: “The manufacturing and marketing experience that Genesis has in some of the company’s core products will generate a synergy for further development of our merchandise ranges.” Tie Rack operates ov er 300 stores in 26 countries and its merchandise includes ties, cufflinks and other fashion accessories for men and women.
Source: Business Line