Siyaram Silk Mills has announced a joint venture with leading Italian lifestyle brand Cadini. Siyaram said it has bought ownership rights to manufacture and market Italy's lifestyle brand Cadini for its fabric segment in India, Sri Lanka and few other countries in West Asia, according to media reports.
"We want to give Indian consumer the Italian feel at a reasonable price by customising it to our market. Some products will be imported from Italy, but a major portion will be from India. We will bring the Italian innovation and manufacture it over here," said Ramesh Poddar, Chairman and Managing Director, Siyaram Silk Mills Ltd at the launch of the brand in India in Mumbai. He did not disclose the consideration.
Siyaram currently has annual revenue of around Rs 1,550 crore and expects to grow by 10-15 per cent annually this year, Poddar said.
"We expect Cadini to contribute around Rs 100 crore of our total revenues in the next financial year," Poddar said.
Cadini will also help Siyaram's in sourcing and designing and the brand will be available in India in superior fabrics followed by garments and accessories and will also open its own exclusive outlets & Shop-in Shop in the near future.
Cadini Brand Director Daniella Nicolle Faralli expects a great response from the fast growing Indian market. "This venture has not only provided us a platform to showcase our collection to the Indian consumer but has also helped us to discover various avenues in terms of global marketing,” she said.
Cadini derives 95 per cent of its revenues from international market and only 5 per cent from Italian market, Faralli said. (SH)
Fibre2Fashion News Desk – India