One of the famous internationally appreciated luxury brand named the Salvatore Ferragamo has recently inked a Joint Venture (JV) deal with the largest realty company of India, DLF. The company officials have informed that the JV deal was signed as Salvatore Ferragamo is betting big on the $3.5 billion market for luxury goods in India at the moment. Ferragamo is a renowned maker of hand-made leather shoes and a range of accessories that include the handbags, belts, ties, apparel, perfumes and sunglasses.
According to the Chief Executive Officer of Palazzo Feroni Finanziaria SpA, Mr. Leonardo Ferragamo, "We will announce the details of the venture in the coming days". The Palazzo Feroni Finanziaria SpA is the holding company for the Ferragamo group and the industry sources have informed that the franchise partner Ferragamo, Sports Station India, did part its ways with the company in the last year. The Sports Station India did so for concentrating on the premium brands like Levis and Dockers that are considered as its core strength. The sources added that Ferragamo was looking for a tie-up since then and DLF was also seeking Ferragamo franchise for around $3 million.
The sources from the industry have informed that Ferragamo is currently having only one store in India and the store is located in the city of Mumbai. The company opened the store in the month of March 2006 and it is also looking at opening another 5 new stores in India over the next three years. Commenting on this, Mr. Ferragamo said, "We are looking at opening stores in Delhi, Bangalore and adding another in Mumbai as it has proved to be a rewarding market. Going by the response, we shall take it from there". He further informed that one of those 5 stores is likely to be located at the upcoming DLF Emporio mall in Gurgaon.
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| Posted : 3/28/2008 |
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