Italian luxury menswear brand Canali has strengthened its presence in India through a 51:49 joint venture with local partner Genesis Luxury Fashion.

The partnership approved by Foreign Investment Promotion Board (FIPB) last week gives Genesis Luxury Fashion the right to exclusively sell Canali products in the country.

Canali has been spanning in India for about four years now through a marketing and distribution arrangement with Genesis Luxury Fashion which operates five Canali exclusive stores in the country.

“India is a market with a remarkable potential still to be exploited. By teaming up with Genesis Luxury we are confident we will be in a better position to strengthen our leadership in Indian luxury menswear market,” said Stefano Canali, GM and third generation of the Canali family in business.

The joint venture will see 10 to 15 Canali store openings over the next three to four years.

Canali will be the first luxury brand to invest in India after foreign direct investment policy for single brand retail has loosened up by the government.

Headquartered in Sovico, Italy, Canali is presently run by the third generation of the family. It has presence in more than 100 countries worldwide with 1000 points of sale and 200 boutiques. The brand includes mens outerwear, cufflinks, belts, bags, shoes and neckties.

GB