Reliance Brands, a part of Reliance Industries Limited, has announced a joint venture (JV) with Italian lifestyle brand Diesel to introduce the brand in India.
However, Diesel will hold the majority stake in the 51:49 JV.
Making the announcement, Renzo Rosso, president and founder, Diesel, said, “In Reliance Brands we have found an ideal partner in size and management skills.”
Commenting on the alliance, Darshan Mehta, president and CEO, Reliance Brands, said: “This JV is one of the most important milestones for the company. It is an exciting prospect to offer the complete gamut of offerings of the brand in India, including Diesel’s cutting edge in-store experience.”
With a launch slated for Spring-Summer ’09 in Mumbai and Delhi, Diesel will also look at other youth dominated markets like Bangalore, Hyderabad and Chandigarh, said a press release.