The Hindu Business Line : Italian casual wear company to set up shop in India

AN Italian casual wear fashion company is pumping $130 million into the Indian textile industry by setting up a series of operational outfits, taking due advantage of the imminent end to the textile quota regime and free trade in textiles and clothing from January 1, 2005.

Talking to Business Line here, the Chief Executive Officer of the Italian casual fashion company Carrera, Mr Vivek Jacob, said that Carrera India, the holding company for planning and overseeing the implementation of these projects, would be incorporated shortly. Stating that Carrera resolved to undertake this major venture in India, because with the phasing out of quotas from January 1, 2005 and with various fiscal incentives extended to the industry by the Government, India could emerge as a major force in global textile trade.

He said the Carrera projects in India include an engineering company to manufacture weaving machines, finishing machines, robotics for garment manufacturers, a finishing house, an online account, an industrial service company and retailing. He said Carrera was the first company ever to produce a pair of jeans in nine minutes, which testifies to its continuing industrial innovation.

Today the Carrera group sells seven million garment items a year and has 550 different product lines. In its proposed Indian venture, a number of leading companies from Europe would be associated as investors. Mr Jacob said Carrera is in touch with different State Governments to identify a suitable location for the project.

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