S Kumars Nationwide group company Brand House Retail today said its joint venture with Italian Fashion brand Oviesse will invest Rs 161 crore for opening 190 stores across the country in the next five years.
“The equity requirement over five years will be Rs 161 crore,” Brand House Retail (BHRL) said in a statement.
The company, however, did not provide further details regarding the equity investment.
“We plan to roll out 190 private label stores across the country in a five-year time frame and are truely excited to introduce this leading brand (Oviesse) to the Indian consumer,” Brand House Retail managing director Tarun Joshi said in a statement.
The joint venture was signed last fiscal and BHRL holds a majority stake of 62.5 per cent in it.
The Brand House-Oviesse JV stores will be opened in metros and tier I and II cities by the end of this year.
“The JV will, for the first year, import the merchandise from Italy and, thereafter, will introduce local sourcing/manufacturing in a phased manner in order to minismise costs,” the statement said, adding that designing and styling of the items will continue to be done in Italy.
Source: Financial Chronicle