ZEGNA announces major expansion plans in India
Leading international menswear luxury group ERMENEGILDO ZEGNA and Reliance Brands Ltd, a part of the Mukesh Ambani-led Reliance Group announced this week they formed a joint venture to develop the Zegna brand in India.
The expansion plans over the next 5 years include opening ten stores across six to seven cities, starting with a monobrand store which will be opened in Hyderabad in October this year. Ermenegildo Zegna will hold 51% of the joint venture, the rest will be held by Reliance Brands Ltd.
The first directly managed store was opened in Mumbai in 2007, followed in mid-2008 by openings in Bangalore and New Delhi. The stores have grown at a double digit pace, building a strong base of loyal customers.
"Strategically India is one of the markets with the highest growth potential and we are used to being the frontrunners in emerging new markets, as is shown by our 100-year history. Our consolidated experience in retailing luxury clothing, rooted in an industrial tradition based on the twin strategies of quality and innovation, coupled with Reliance Brand’s presence in and in-depth knowledge of the Indian market are the best guarantees for the success of this joint venture in building a long-term relationship with India’s sophisticated consumer base”, Mr Ermenegildo Zegna, CEO of the eponymous group, said.