DLF setting up JV with Italian major Piquadro
Printer Print Email Email
New Delhi: With a view to sell its products in India, real estate developer DLF is setting up a joint venture company with Italian leather and luggage accessory firm Piquadro. This is part of the real estate major's retail strategy to bring in some of the world?s leading premium brands across categories into the country, reported The Economic Times. Sources say that DLF is currently in the process of hiring people to drive the brand Piquadro in its portfolio. But the DLF spokesperson denied the development, saying the two companies were not in talks for any tie-up. DLF has also entered into similar agreements with Italian brands Armani and D&G. Armani holds 51 percent in the joint venture. DLF is also setting up a joint venture with Italian luxury apparel and footwear brand Ferragamo. The exact stake of the two parties in the proposed DLF-Piquadro JV couldn't be ascertained. Indian FDI regulation allows 51 percent foreign ownership in a single-brand retail venture. Piquadro may open its first store in the DLF?s planned luxury mall in Delhi. The 20-year-old Italian manufacturer and distributor of business bag and luggage has of late been focusing on expanding beyond its shores.
Source: IANS
siliconindia