Retail in Asia

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India’s DLF Group exits luxury retail

After ending its joint venture with Giorgio Armani (now in the portfolio of Genesis Luxury for India) DLF said it is in the process of breaking its partnership with another Italian luxury brand Salvatore Ferragamo as part of a move to exit luxury brands business.

The real estate division will instead focus on selling premium and bridge-to-luxury fashion brands such as Boggi, Alcott, Mango, Mothercare, Claire’s and DKNY.

"Luxury is a futuristic business in India at the moment and does not have scale," DLF Brands Chief Executive Officer Dipak Agarwal says. He added that while luxury brands have a big future in India, it will require another five to seven years to achieve scale and market size.

(Source: cpp-luxury.com)