By  on May 20, 2008

MILAN — Salvatore Ferragamo SpA is beefing up its presence in India.

The Italian luxury goods company said Monday it plans to open 10 stores in India by 2013 — including three this year — after launching a joint venture with a local real estate company.

Ferragamo said the agreement with India's DLF represented the opportunity to consolidate its presence in a "strategic" and "high-growth potential" market.

"We are confident that the new joint venture with a prestigious group like DLF...can help further establish our brand in [India]...and strengthen and grow its presence in an important way via direct retail," Ferragamo chief executive officer Michele Norsa said.

This year's units are slated for New Delhi, Bangalore and Mumbai.

Ferragamo opened its first own-branded Indian store in 2006 at the Grand Hyatt Plaza Hotel in Mumbai.

The Florence-based company has a 51 percent holding in the joint venture with DLF.

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