New Delhi: CNBC-TV18 has learnt that Reliance's retail wing is in talks with Giorgio Armani to introduce the high fashion Italian couture line in India.
Mukesh Ambani is dressing up for his retail foray and nothing less than an Armani will do. Luxury Italian fashion house Giorgio Armani and Reliance are in talks to introduce Armani in India. Sources say the precise fit and design of of the partnership hasn't been finalised as yet.
But Fransico Tombilini, Armani's commercial director says the first Giorgio Armani store will be up and running in the next 18 months.
"The way we have to operate is the most complicated issue now. I am willing to look at the JV option though that's usually not our style but given the constraints in the market, I'm willing to work with that option," says Tombilini.
Armani may like to enter through an equity partnership, which is now permissible with 51% FDI allowed in single-brand retail. But Reliance Industries has declined to comment on the issue.
The house of Armani consists 5 key brands and sources say the premium end Giorgio Armani label is likely to be the first to come to India. For Reliance, on the other hand, the alliance with Armani is the perfect pattern to complete its retail design - from masses to classes.
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