E-Paper
NRI's venture to target India
An NRI has teamed up with the ex-chairman of Bloomingdale's for a joint venture to bring new brands and retailing concepts to India.
An Indian American has teamed up with the former chairman of Bloomingdale's for a joint venture to bring international brands and retailing concepts to India.
Mohan Murjani, chairman of the Murjani Group, has formed a joint venture with Marvin Traub, the former chairman of US-based Bloomingdale's.
The joint venture, Murjani Traub India Limited (MTI), will consult with Indian retailers and developers in their internal expansion, it was announced by the company.
"India has the world's youngest population, with 65 percent below the age of 35. With a fast growing middle class with disposable income, 40 million Indians have the purchasing power of Americans.
"Retailing is rapidly developing, with 300 malls planned by 2007, representing approximately 19mn sq. ft.," the company said.
With offices both in New York and in Mumbai, India, MTI will play a key role in both partnering and aiding global brands enter and navigate the Indian retail landscape.
As president and chairman of Bloomingdale's, Traub had led three major storewide promotions of India at Bloomingdale's.
"Traub is a great believer in the Indian retail sector and will be focusing considerable resources on India in the years to come," the company said.
The Murjani Group, was founded in 1930 by B.K. Murjani. With production of over 10 million units per annum, Murjani became one of the largest apparel producers in the world by 1958. In 1976, Murjani launched Gloria Vanderbilt and became the first Indian to develop and market major designer brands in the international market place.
In April 2004, Vijay Murjani, Murjani's son, launched Tommy Hilfiger in India. Within the first eight months, Murjani opened six free standing stores, with a further six planned for the first half of 2005.
In addition, Murjani has launched several licensed categories, including watches, home, underwear and fragrance, through strategic distribution relationships with some of India's largest organisations.
