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Our Bureau

Mumbai, Oct. 13 Reliance Brands, a group company of Reliance Industries Ltd, has announced a 49:51 joint venture with Italian lifestyle brand Diesel, wherein the latter will hold a majority stake.

This would be the third joint venture announced by the company which has forged similar agreements with companies such as Miss Sixty and Paul and Shark in the recent past.

According to the company, the venture is aimed at combining the distribution strength of Reliance Brands and Diesel’s experience, famed for moving outside and ahead of trends in the fashion industry.

Diesel will predominantly target avant-garde Indian consumers with a penchant for fashion and individualism. With a launch slated for SS ’09 in Mumbai and Delhi, Diesel will also look at upcoming markets such as Bangalore, Hyderabad and Chandigarh. Making the announcement, Mr Renzo Rosso, President and founder of Diesel, said: “We, at Diesel, identify with the manner in which the Indian market is deeply rooted in its heritage, yet it is also open to imbibing new ideas for a better lifestyle. In Reliance Brands we have found an ideal partner in size and management skills, and also a team of people with which we perfectly align on all strategic plans on how to develop in the Indian market.”

Mr Darshan Mehta, President & CEO of Reliance Brands, “This joint venture is truly one of the most important milestones for the company. Diesel has always been a leader and never a follower; a brand that has always set the benchmark for creating trends.”

The Diesel brand will not be manufactured in India and the company would be setting up independent shops.

The brand would also be available through multi-branded stores.

More Stories on : Brands | Alliances & Joint Ventures | Fashion | Reliance Industries Ltd

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