(Feb 13) – Canali Group – historic textile company from Lombardy – has set up a joint venture with the Indian Genesis Luxury Fashion. The agreement will allow the group to extend its market, offering its products to the Indian customers.
The Canali group will hold a 51% stake in the venture, with the remainder owned by Genesis Luxury. Canali Group has been operating in India through a marketing and distribution arrangement with Genesis Luxury for the last four years. It currently has five boutiques in the country. The joint venture plans to open ten to fifteen stores over the next three to four years, according to the statement. The financial terms of the agreement are not made known. Last month, India’s federal government formally ordered the full opening up of the single-brand retail segment to foreign direct investment. The joint venture follows the India’s government opening up of the single-brand retail segment to foreign direct investment, and comes after the agreement of Genesis Luxury with the British giant Burberry. (Peg / Ram)
GRUPPO CANALI, A PASSION FOR QUALITY
Gruppo Canali begins its long journey in 1934, in Triuggio, in a small artisan workshop to produce high quality clothing, where the brothers Giovanni and Giacomo Canali work.
In the 50’s the company – run by the second generation of the family – consolidates its market presence and increases sales, continuing to care for product quality.In the 70’s faces the challenge to foreign markets, arriving to export half the production. The company has 1600 employees in seven production centers in all Italy, and has a presence in more than one hundred countries, with more than a thousand stores and 200 boutiques. The actual exports has reach 85% of the production.Currently the Group has extended the production to accessories, fragrancies and cuff-links.
