'House of Pearl eyeing more JVs in Europe'

MUMBAI: Apparel firm House of Pearl Fashions Ltd said it was looking at more joint ventures in Europe to expand in that market, a senior official told television channel NDTV Profit. "We are in talks with a few companies..and it should materialize over the next quarter or so," Chief Financial Officer Rishi Vig said.

The company owns 60 percent in a retail joint venture with European brand Lerros and plans to open 15 stores locally under the brand in FY09, he said.

But it would take a couple of years for Lerros to contribute to the bottomline, Vig added. House of Pearl is also looking to double capacity in Indonesia and expand capacity in Bangladesh, Vig said. Shares were up 7.44 percent at 117.70 rupees in a weak Mumbai market.