Reliance Brands, the wholly owned subsidiary of Mukesh Ambani-led Reliance Retail, has entered into a 50:50 joint venture with the Italy-based Dama Spa to launch the latter’s luxury sportswear brand Paul & Shark in the country.
Announcing this, Darshan Mehta, president aand CEO, Reliance Brands, said, “Paul & Shark and Reliance Brands will have an equal stake in the newly formed company Reliance Paul & Shark Fashions Pvt. Ltd. The brand will be launched in India in March 2009 with the Spring/Summer collection.”
Andrea Dini, owner and CEO, Paul & Shark, said, “Over the next few years, the Indian market will surely become one of the largest new luxury markets of the world.”
Sharing plans, Mehta informed that in the next five years, the company is looking to set up around 20 stores in tier I cities. Each store will be around 2,500 to 3,000 square feet. “To start with, we will have standalone stores, and once the luxury department stores come up in the country, we will also have the shop-in-shop format,” Mehta informed.