PARIS – Ermenegildo Zegna Group said it signed a joint venture with India’s Reliance Brands Ltd. to grow the Italian label in the region.
Zegna’s Mumbai-based company, Zegna South Asia Private Ltd., will be reorganized as a joint venture between Ermenegildo Zegna Group and Reliance Brands Ltd., part of the Reliance Group, which control 51 percent and 49 percent respectively.
Since Zegna first entered the market in 2003, India has seen “significant double digit growth” and could “potentially” become its largest market in southeast Asia by 2015, according to Zegna chief executive officer Gildo Zegna.
“Strategically India is one of the markets with the highest growth potential,” he said. The group aims to open more than 10 stores in the region over the next five years, starting with its first store in Hyderabad in October.
“Given the rising aspirations and influence of western luxury on the Indian consumer, this partnership is well timed,” added Darshan Mehta, president and ceo of Reliance Brands.