The Foreign Investment Promotion Board has approved the joint venture between the Italian fashion brand Dolce & Gabbana (D&G) and the Indian real estate giant DLF on Tuesday. D&G was trying to enter the Indian market for quite a long period now and with this approval, they will be able to operate their programmes in India now. The partnership ratio of the joint venture is 51:49 and the company will build a number of retail outlets in India. D&G usually offers some high quality products including garments, watches and perfumes, to its consumers.
The CFO of the real estate major DLF, Mr. Ramesh Sanka has also confirmed the news about the governments approval to the joint venture and said, "DLF will be providing the necessary real estate infrastructure for the project to take off smoothly". He also informed that the JV will build up two retail outlets in the cities of Mumbai and New Delhi in the initial period. He added, ``This will be scaled up over a period of time``. Further he said that they are expecting to start operations in these two outlets from the early part of the New Year.
The sources are informing that Dolce & Gabbana is thinking of introducing its products under two of its brands named the Dolce & Gabbana and D&G Dolce & Gabbana in India. Apart from opening new outlets in the Indian cities, the company will also perform the merchandising and day-to-day operations in the venture. The experts from the Indian economic industry have commented that perhaps D&G is going to be the first global company in India that will launch more than one brand under a single joint venture.