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Many Indian companies for JV with Italian brands

Feb '07
The Indian textile industry has shown a liking for Italian brands as many Indian companies are in the process of tie-ups with Italian companies.

Bangalore-based textile manufacturer has already announced its intention to pick up 70 percent stake in Bellora, a luxury brand of bed linen from Italy.

Earlier Morarjee Textiles board informed of its approval to acquire the Italian apparel brand, Men's Club.

Raymond have announced its Italian tie-up and announced the inking of 50:50 venture with Italy's Grotto Spa for apparel and accessories brand, GAS.

Andrea Bonardi, former secretary general of Indo-Italian Chamber of Commerce and currently Asia head of lingerie brand, La Perla, informed that Italian brands are attracted towards India's creativity in embroidery, designs and colours.

Italian brands prefer reliable and financially strong Indian partners for their know-how of local, social and retail network, Bonardi said.

Indian companies are acquiring Italian or setting up joint ventures for lesser price compared to a brand from the US, said an analyst.

American brands are strong in branding and are sustainable for a longer period, said Vishesh Singh, senior consultant, Technopak Advisors.

Bonardi also observed that Italian brands would have to blend with local Indian lifestyle to be successful.

Import duties are high in India hence a mid-range brand may be sold as a luxurybrand in India, he added.

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