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Armani changes local partner in India

Italian luxury house Giorgio Armani, present in India with two Emporio Armani stores and a Giorgio Armani label store, is ending its Indian joint venture with DLF Brands, a division of real estate giant DLF. The Italian fashion house will now enter into a franchisee deal with Genesis Luxury to expand its retail presence in India.

DLF Brands Chief Executive Officer Dipak Agarwal said the break-up with Armani is in line with its strategy of withdrawing from luxury. "We are not expanding in luxury anymore. Also Armani wanted to move to a franchise mode which we could not do," he said.

The retail arm of real estate developer DLF and Giorgio Armani set up a joint venture in 2008 to roll out retail stores of the luxury brand. Armani held 51 percent equity in the venture.

(Source: cpp-luxury.com)