German bath, wellness and tableware firm Villeroy & Boch AG has entered into a joint venture with Delhi-based Genesis Luxury Fashion to start its operations in single-brand retail trade.
On June 18, 2013, the Foreign Investment Promotion Board (FIPB) had approved Villeroy & Boch’s application seeking 50 per cent equity in a joint venture company for single-brand retail trade. The FDI infusion in the joint venture is to the tune of Rs 1.12 crore.
Genesis Luxury Fashion has brands such as Paul Smith, Bottega Veneta, shoe brand Jimmy Choo, Italian label Etro and Armani and home and personal care products from Crabtree and Evelyn, among others. It will exclusively manage the distribution of Villeroy & Boch tableware products in India. The partnership ensures the establishment of a distribution network through the opening of Villeroy & Boch’s exclusive retail stores in India.
“Our aim is to develop the Indian market qualitatively with the new partner. The Indian market for luxury products has been growing continuously in recent years. This new partnership thus comes at exactly the right time, enabling us to extend our local presence,” Nicolas Luc Villeroy, Director and Tableware Business Unit Manager of Villeroy & Boch AG, said in a statement.
Villeroy & Boch stores will be opened in key luxury shopping malls across India. “The partnership with Villeroy & Boch is the perfect extension of our existing luxury and premium fashion and beauty business into the next segment of indulgence – Home Interiors,” said Sanjay Kapoor, Managing Director, Genesis Luxury Fashion.
Amit Gadkari will be the Chief Operating Officer of the joint venture. The JV plans to set up three mono-brand stores in India to begin with and ramp it to 16 over a five-year period. The first store will soon be launched in Mumbai.
Villeroy & Boch has presence in 125 countries and has been in Indian market since 2009 through its bath and wellness products.
bindu.menon@thehindu.co.in