Reliance Brands To Acquire 50% stake in Gas Jeans
Reliance Brands intends for 50% stake with the management rights in its joint venture with Italian Fashion Apparel maker that owns the jeans brand, GAS (Grotto Apparel Sportswear). This strategic partnership for the Italian company with India‘s largest private sector will enable it to gain ground in the Indian market. If things fall into place, Grotto may soon endow Reliance Brands, the rights to the 50:50 joint venture company, for the Indian market. Sources claim that the deal is in the final stages and will soon come into force.
Grotto’s launch dates back to 1970 by Claudio Grotto and it was in 1984 when Grotto SPA launched GAS. Since then, it has been a prominent face in the fashion industry known for its superior quality denim apparel for both men and women. With Raymond, the company set its foot in India in 2006 but later made a buzz in 2010 when it came to India with a complete owned cash and carry format where it opted for the franchise route to reach out to its consumers. At present, it has few unique department stores in the country. It has its flagship company located on Maddison Avenue in New York City. The company eyes launching five new stores after embarking upon its partnership with Reliance.
Reliance Brands, an arm of Reliance Industries Limited was launched in October 2007 with the objective of granting international and domestic brand equity, making the most top- notch international brands accessible in India and caters to segments including apparel, footwear, and lifestyle business.
Reliance Brands has been making every attempt to be an unparalleled brand, one of a kind in the country, with the richest display of varied products. It deems ownerships and partnership as a channel to progress, expand and grow. A spate of ownerships with leading brands like Quicksilver, US based Diesel, Timberland, Dune; Thomas Pink has enabled it to enhance the standards of the Indian luxury brand segment, by offering the most sought after premier brands in the country, under one roof. Presently, it has around 60 stores across the country. Its partnership with Stuart Witzman, New York based designer footwear will come to fruition by 2013.
News is that it may also open e-stores next year, to tether with the current generation and increase its footprints in the online turf. Reliance Brands, backed by RIL’s deep- rooted pockets have been able to expand and revamp the Indian fashion Industry with a slew of international partnerships.
Tags: Mukesh Ambani , RIL , Reliance , Reliance Industries
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