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Textile and apparel major Raymond Ltd has formed a 50:50 joint venture with Italian fashion company Grotto SpA to launch its GAS Brand in India. The new JV company would initially invest Rs 50 crore over a period of three years to distribute the brand thr
The JV company will characterize a distinct identity in the youth fashion casual apparel category in India. It may be mentioned that, recently, Raymond had signed a MoU with the National Institute of Fashion Technology (NIFT) to access its design inputs and enhance its tailoring services.
Raymond Apparel is also planning to expand its retail presence in the country by opening 30 exclusive flagship stores. The Rs 400 crore wholly-owned subsidiary of Raymond is also planning to increase its portfolio for women's wear brands. India's highest-selling men's formals brand, Park Avenue, will also undergo a face-lift. The company would open 25 exclusive Park Avenue stores in the 2006-07 period, of which six will be in the 'flagship' category. The flagship stores will be more than 4000 sq ft in size, will have exclusive interiors and offer the entire range of options under the brand. These stores will be company-owned as against the Raymond Shop chain, which is a mix of company-owned and franchise stores. Raymond Apparel has recently entered women's wear retailing with the launch of Be. The company is planning to expand the women's wear range by adding newer brands. The plan is in the finalisation process and the company is considering various options, including launching women's formals, ethnic range or even taking over existing brands. The announcement for such an expansion can be expected by early 2007.