INDIA: Madura Fashion in retail JV with Hackett London
British Clothing brand Hackett London is set to enter India through a joint venture with Aditya Birla Nuvo-owned Madura Fashion & Lifestyle (MFL).
The agreement will initially see three stores open, the first of which will be in Delhi followed by another store in Bangalore. The third store is expected to open next year in Chandigarh.
"India, as one of the key growth economies of the world, has been on our radar for some time and now with our recently concluded joint venture with Madura, we have the right partner to tackle India successfully," said Hackett MD, Vicente Castellano.
Meanwhile, MFL chief executive officer Ashish Dikshit added: "As part of our international brand strategy, we aim to launch select international brands within the Madura F&L portfolio.
"Our partnership with Hackett London clearly establishes our intent and we plan to bring in few more brands to India from around the globe."
MFL, which has more than 1,000 exclusive and franchise stores, recorded sales of INR21.45bn (US$388.3m) in 2011. Its brand portfolio includes Louis Philippe, Van Heusen, Allen Solly and Peter England.
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