Versace may exit India, temporarily
Italian luxury house of Versace has ended their joint venture with Indian retailer Blues Clothing Company, but have recently called it a day. At the end of February this year, Abhay Gupta, long time Managing Director of Blues Clothing left the company.
The Economic Times reports that the arrangement between the two companies has been terminated with Versace citing “poor performance.”Although the Italian fashion house has cut ties with Blues Clothing Company and have announced that they plan on shutting their two stores in Delhi and one in Mumbai, India remains a priority for them. Versace also has a home collection store in Mumbai.
Dinesh Sehgal, managing director of Blues Clothing, did not respond to e-mails and phone calls. In an e-mail response, a Versace spokesman said: “Versace doesn’t comment on matters regarding its partners, however, the company remains strongly committed to growing its presence in India.”