Reliance Brands & Italy’s Sixty Group Form JV
After opening Reliance Trends recently to cash on the burgeoning fashion consciousness of the general Indian masses, the Mukesh Ambani led Reliance Industries is now ready to enticingly sashay its way into India’s elite fashion circuit. There’s a strong buzz that Reliance Brands Pvt Ltd, the subsidiary of Reliance Retail, is in the process of inking a joint-venture with the famous Italian powerhouse Sixty Group, which will open gates to brands like Miss Sixty, Energie, Killah and Murphy&Nye in India soon.
It is learnt that the Italian apparel firm Sixty Group which has a strong presence in over 100 markets globally will hold a hold 51 per cent stake in this JV, whereas the Reliance subsidiary will hold the remaining 49 per cent stake. The target for the first three years is to set up about 56 exclusive high-end showrooms in India for the four brands from the Sixty Group stable. Though Reliance Brands is hush-hush about the whole affair at the moment, industry insiders reveal that most of these showrooms will be company operated.
Darshan Mehta, the former president of Indian apparel maker Arvind Brands, is learnt to have been appointed for spearheading this JV along with separate business heads for closely monitoring each of the Sixty Group brands. Reliance Brands, which is just three months old company was formed by the senior Ambani camp along with the Darshan Mehta to capture the rapidly growing market for high-end fashion wear. The scheme is to look at overseas and local brand acquisitions and form JVs with global fashion leaders in the domestic markets.
About Sixty Group
The fashion apparel firm, Sixty Group is hailed as one of the prominent fashion dictators in Italy along with other international names like Diesel. The $900 million Sixty is acknowledged for its uniquely unpredictable style when it comes to fashion. It also manufactures lifestyle accessories. Its collection comprises a heavy denim presence. Brands like Miss Sixty and Killah target feminine denim fashion catering to distinct clientele. Energie, on the other hand, comprises a peppy and youthful jeans range for the men.
Murphy&Nye is a heritage nautical clothing brand and is quite in vogue in the yachting scene. As such, this particular brand is expected to cater to the premium active-wear segment in India, where VF Corp’s Nautica is a major player. The brand range of the Sixty Group further include names like Baracuta, Richlu and Refrigwear, which are not likely to be seen in the Indian market for the time being. The fashion major has an impressive record of creating a slew of market leading brands over the last 20 years, with each brand exhibiting a distinct personality.