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Chateau d’Ax, the Italian maker of upholstered furniture and Hyderabad-based furniture retail chain Vanto have inked a joint venture agreement, to set up a chain of stores, with a range of branded Italian products.
The €800 million Italian major will provide the license and designer products, while Vanto will invest in the physical infrastructure of stores. In the long term plans are to set up a manufacturing facility as well said Cledwyn Passanah a senior executive of Chateau d’Ax.
The flagship Milano & Design (M&D) showroom was launched in Hyderabad by the JV partners. The next store in Bengaluru will be started in a week. By end of March 2015, Pune and Delhi also will have our presence, said Adith L, Chief Operating Officer of Vanto (which comes from the Italian word Vantare meaning to boast or pride).
"Plans are to open at least 4 stores every year with a target of 40 in the next five years. Each store will typically see an investment of Rs 2-3 crore", he told newspersons here today.
The stores will showcase collections from internationally known Italian brands such as Flou, Alessi, Hub Italia, Pianca, Driade, Nomon. The range will include sofas, beds, kitchen, artefacts etc, both retail and designer.
In addition to retail sales, the JV will focus on contract business with hotels, hospitality groups and family owned business houses. The offering would be to design an entire house, hotel, property etc with customised solutions. The segment is very promising, said Passanah.
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