Business Daily from THE HINDU group of publications
Friday, Aug 31, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Aug 31, 2007 ePaper |
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Marketing
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Alliances & Joint Ventures Italian brand Tod’s plans to enter India
The Tod’s group sells shoes and luxury leather goods under the brands Tod’s and Hogen and also deals in casual wear under the brand name Fay.
Moumita Bakshi Chatterjee Debdatta Das New Delhi, Aug. 30 Italian accessories brand Tod’s, which is known for its high-end leather shoes, is planning to enter India through a 51:49 joint venture with Bhukhanvala Holding Pvt Ltd. The joint venture company, Tod’s Retail India, has approached the Foreign Investment Promotion Board for retail trading under single brand, sources said. The permission is being sought for Tod’s Hong Kong and its affiliate Tod’s International BV to acquire 51 per cent of shareholding in Tod’s Retail India amounting to Rs 5.7 crore.The proposal would come up for discussion on Friday. The Bhukhanvala group, which has presence in manufacturing, technology, real estate and financial services, could not be contacted for comments. The acquisition would enable Tod’s to bring its range of products to India. The Tod’s group sells shoes and luxury leather goods under the brands Tod’s and Hogen and also deals in casual wear under the brand name Fay. As part of the India plans, Tod’s Hong Kong would hold 50 per cent stake while Tod’s International would hold another one per cent of the share capital of the joint venture. Bhukhanvala Holding would subscribe to 49 per cent stake for Rs 5.5 crore, sources said. Tod’s Hong Kong and Tod’s International BV, are wholly-owned subsidiaries of Tod’s Group. Tod’s recently reported consolidated sales of €316.4 million in the first six months of 2007, an increase of 15.7 per cent compared to the same period of 2006. The company’s products are made in the group’s own factories, a total of seven for shoes and two for leather goods, and in a limited number of specialised laboratories.
More Stories on : Alliances & Joint Ventures | Brands | Leather
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