Gitanjali Gems brings in Mariella Burani of Italy
Gitanjali Lifestyle Limited signs an MoU with the $1-billion Italian luxury brand to form a 50:50 joint venture in India, reports Varun Soni.business Updated: Dec 19, 2007 22:48 IST
Gitanjali Lifestyle Limited (GLL), a wholly owned subsidiary of the Rs 2,500 crore Gitanjali Gems, has signed a memorandum of understanding (MoU) with the $1-billion Italian luxury brand Mariella Burani Fashion Group (MBFG) to form a 50:50 joint venture in India. The new company would be called Mariella Burani India.
The joint venture will introduce MBFG's brands in emerging markets like India and the Far East, particularly the Mariella Burani, Baldinini, Rosato, Calgaro and Facco collections. The company will also develop an extensive distribution network at an investment of $15 million (around Rs 65 crore), and would include 32 mono-branded outlets and boutiques and 132 shops in exclusive multi-brand retail showrooms.
Mehul Choksi, chairman, Gitanjali Group, said: “By tying up with an international luxury brand, we would also be foraying into the manufacturing of fashion and lifestyle accessories. We will provide production, marketing, logistics and distribution expertise, while MBFG will contribute its consolidated experience in the design, development and international distribution of Italian lifestyle apparel, leather goods and jewellery collections.”
The company is also planning to set up an SEZ to cater exclusively to luxury products. MBFG designs, produces and distributes a range of luxury apparel, footwear, leather accessories and jewellery collections across the world under its own brands and under licences for prestigious international designers. This year MBFG acquired a 51 per cent equity interest in the renowned Italian jewellery brand Calgaro.
Some of MBFG's noted licences are Junior Fashion in children’s apparel, Vivienne Westwood and Warner Bros in accessory segment and Missoni in footwear.