Denimwear giant Diesel calls off JV with Arvind
Arvind and denimwear giant Diesel have called off their joint venture for the distribution and branding of the Italian company’s products in India.
By ET Bureau |
BANGALORE: Arvind and denimwear giant Diesel have called off their joint venture for the distribution and branding of the Italian company���s products in India, Arvind said in a statement to BSE on Wednesday.
ET had reported earlier this year that the JV was going to be called off.
Arvind and Diesel were of the view that the JV would restrict their future expansion plans in India and this led to the termination of the partnership, the statement said. The 51:49 JV agreement in which the Italian company held majority stake was signed in April 2007.
ET had reported earlier this year that the JV was going to be called off.
Arvind and Diesel were of the view that the JV would restrict their future expansion plans in India and this led to the termination of the partnership, the statement said. The 51:49 JV agreement in which the Italian company held majority stake was signed in April 2007.
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The companies then said that they planned to set up 15 stores by 2010 to retail products in segments such as casual apparel for men and women, bags, women���s lingerie, innerwear for men, watches, jewellery and shoes. It is not clear if Diesel will enter the Indian market with another partner or put its plans for the country on hold for a while.
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