The Hindu Business Line : Ferragamo plans venture with DLF for single brand retailing

New Delhi, March 26 Italian luxury apparel and footwear brand Salvatore Ferragamo SpA is in the process of entering into a 49:51 joint venture with real estate major DLF to set its foot in the Indian soil.

The company, which at present, has one premium outlet in India (through a distribution arrangement) is planning to scale it up to five by the end of 2008-09.

“The joint venture will help us explore the possibility of our brand in India. We have a history of working for the Indian royalty and the elite for a long time. However, this venture will help us establish the brand here,” Mr Leonardo Ferragamo, CEO, Salvatore Ferragamo SpA, told Business Line.

When contacted, highly placed officials in DLF confirmed that the company is entering into a joint venture for single brand retailing with the Italian luxury goods major. “DLF will be providing the necessary real estate infrastructure for the project to take off smoothly”.

On FDI, Mr Ferragamo said that the foreign direct investment into retail would be a highly important step for the sector. Pointing out that the Indian appetite for luxury goods has been showing an exponential growth, he said the company hopes to make significant investments in expansion in India. Mr Ferragamo, however, did not disclose the investment details.

Ferragamo’s collection includes men’s shoes, accessories, scarves, ties, eyewear, watches, fragrances, ready-to-wear and handbags.

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