Madura Fashion & Lifestyle, part of the Aditya Birla Group is looking for a mega tie-up with Giorgio Armani SpA and the upmarket British clothier Hackett. It’s also looking for a fresh deal with Esprit Holdings for the Indian market.
Indeed a bullish luxury market and government’s approval of 100 per cent FDI in single brand retail has attracted many global premium luxury brands but rather than entering on their own, they are keen on setting up stores with a local partner.
And Madura is making the most of this situation. Moreover, the Birla Group too is ready to pump in fresh investments to get these premium names on board. Madura is looking for a bigger presence in the growing international super-premium luxury fashion market. The Rs 1,600 crores company operates a luxury retailer The Collective apart from owning brands like Louis Philippe, Van Heusen and Allen Solly in the mainstream lifestyle segments.
If the talks with Giorgio Armani SpA get through, Madura would set up stores for Armani Jeans in India. And an alliance with Hackett, owned by Spanish private equity firm Torreal having less than 80 stores globally, would raise the luxury bar in the country. But before these talks reach a conclusive end, Madura is looking at reviving a new 10-year deal to manage European fashion major Esprit. Madura and the Esprit have agreed to rework their existing distribution ties giving the former more flexibility to scale up local operations.