Ermenegildo Zegna Group, a world leader in luxury menswear, has formed a joint venture with Reliance Brands, a part of Reliance Group, to develop the Zegna brand in India.
In the 2010-2015 period, the joint venture company will launch 10 stores across six to seven cites, starting with a single-brand boutique to be opened in Hyderabad in October 2010. At the end of 2015, the company hopes, India could potentially be the largest market in South and South East Asia for Ermenegildo Zegna.
“Strategically, India is one of the markets with the highest growth potential. Our consolidated experience in retailing luxury clothing, rooted in an industrial tradition based on the twin strategies of quality and innovation, coupled with Reliance Brand’s presence in and in-depth knowledge of the Indian market, is the best guarantee for the success of this joint venture in building a long-term relationship with India’s sophisticated consumer base,” said Ermenegildo Zegna, CEO of the eponymous Group.
On the joint venture with Ermenegildo Zegna Group, Darshan Mehta, president and CEO, Reliance Brands, said, “Zegna is one of the most coveted brands in men’s luxury, and it is a matter of prestige and excitement for Reliance to partner with them in India. Given the rising aspirations and influence of western luxury on the Indian consumer, this partnership is well timed.”
Ermenegildo Zegna Group has been active in India since 2003 and was one of the first global luxury brands to get FDI approval for mono-brand retail following liberalisation by the Indian government.
The first directly managed store was opened in Mumbai in 2007, followed by openings in Bangalore and New Delhi in 2008 . The Indian operation has seen significant double digit growth since inception.
– IndiaRetailing Bureau