Italian fashion brand Giorgio Armani’s India may go slow on its India plans as the market meltdown and a slumping economy affect the creation of luxury malls and shopping centres, reports The Economic Times. Armani entered India last year through a 51:49 joint venture with realty major DLF, which is feeling the heat of the real estate slowdown.
The report further adds that Armani will also be affected if its Indian partner faces a slow down in building luxury malls.
“We are financially solid and are constantly looking at investment opportunities and revising them. We will take time in India and are understanding the market but our long term plan for India has not changed,” Giorgio Armani’s deputy managing director John Hooks quoted in the report. The marquee luxury brand owns two stores through the DLF JV in Delhi.
On Monday, Armani launched its brands Armani Collezioni and Armani Jeans for the Indian market . These brands will be retailed at Madura Garments Lifestyle Retail’s luxury menswear store the Collective in Bangalore and shortly in Mumbai.
— IndiaRetailing Bureau