Italian luxury clothing and accessories brand Versace make their India entry in an exclusive partnership with Magenta Fashions– India’s leading Fashion Apparels & Leather Exporters to tap into USD 535 billion Indian retail market.
The first phase of India launch will see the introduction of eye-wear and jewellery followed by the entire product range by year end. Magjenta Fashions will roll-out around 70 stores across India over a period of 2 years.
Versace 19-69 will be directly involved in the Styling and Marketing of the brand in India while Majgenta Fashions will be entirely responsible for manufacturing, retailing and other related functions. Versace 19-69 ABBIGLIAMENTO SPORTIVO, Milano Italy with a footprint in over 200 countries across the globe will now be available in India from Feb 2013!
Elaborating on the exclusive partnership with Magenta Fashions-India, TheofanisPapadas, CEO, Versace 19.69 Italia S.R.L., said: “India is a very important luxury market for us that is growing at a rapid pace! We are here to bridge the luxury and affordability gap for the Indian fashion aficionados”.
“Under the MOU,Versace 19.69 Italia SRL has agreed to grant a license of the Trade name & Trademarks to Magenta Fashions -India, to manufacture and market on behalf of and in the name of Versace 19-69 ABBIGLIAMENTO SPORTIVO, Milano Italy. The brand is all set to offer products under various categories that include Apparels, Footwear, Accessories, Jewelry, Eye-Wear, Cosmetics and Home Furnishings”, he further added.
“Magenta Fashions, India shall also be entitled to source from/through Versace 19.69 ABBIGLIAMENTO SPORTIVO Milano-Italy or its licensees worldwide, import to India and market in India through the stores set up by Magenta Fashions directly or through franchisees, any other products, not included in the agreement, manufactured and marketed directly or indirectly by Versace 19.69 ABBIGLIAMENTO SPORTIVO Milano-Italy /its licensees using the Trade name &Trademarks.” added Mr. Rao.