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Reliance and Diesel sign joint venture agreement
14
Oct '08
Reliance Brands, a part of Reliance Industries Limited, yesterday announced a joint venture with world famous Italian lifestyle brand Diesel. To introduce the Italy-based brand Diesel in India a 51:49 joint venture has been formed between Diesel International and Reliance Brands Limited, where Diesel holds 51 per cent stake.

This venture is aimed at combining the distribution strength of Reliance Brands and Diesel's experience famed for moving outside and ahead of trends in the fashion industry. Diesel will predominantly target avant-garde Indian consumers with a penchant for fashion and individualism. With a launch slated for SS '09 in Mumbai and Delhi, Diesel will also look at the fast upcoming markets like Bangalore, Hyderabad and Chandigarh.

Making the announcement, Renzo Rosso, President and founder of Diesel, said: “I have always admired Indians for their innate sense of fashion. Nowhere else in the world can one witness such a beautiful fusion of colours, traditional fabrics and patterns with western influences to create a style so distinctive.

We at Diesel identify with the manner in which the Indian market is deeply rooted in its heritage, yet it is also open to imbibing new ideas for a better lifestyle. In Reliance Brands we have found an ideal partner in size and management skills, but also a team of people with which we perfectly align on all strategic plans on how to develop in the Indian market.”

Speaking about the promising alliance, Darshan Mehta, President & CEO of Reliance Brands Limited, said: “It is a matter of great pride for Reliance Brands to present the iconic brand 'Diesel' to the Indian customers. This joint venture is truly one of the most important milestones for the company.

Diesel has always been a leader and never a follower; a brand that has always set the benchmark for creating trends. Mr. Rosso's belief in the Indian market is most encouraging. It is an exciting prospect to offer the complete gamut of offerings of the brand in India, including Diesel's cutting edge in-store experience.”

The announcement marks the onset of a new era in the market of luxury fashion in the country. Indian consumers will soon be able to live by the mantra 'Diesel For Successful Living'. The iconic brand is all set to shift paradigms with the introduction of the 'Diesel lifestyle' offering a vast selection of denims & other apparel, shoes, bags, intimates, eyewear and fragrances.

Reliance Industries Limited

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Courtesy: H&M

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