Armani changes India partner
Italian luxury brand Giorgio Armani has ended its partnership with DLF Brands and has signed Genesis Luxury as its new franchisee in India.
According to DLF Brands CEO Dipak Agarwal, the breakup is part of DLF’s plan to scale back its involvement in the luxury sector.
“We are not expanding in luxury anymore. Also Armani wanted to move to a franchise mode which we could not do,” Agarwal said.
DLF Brands and Armani formed a joint venture in 2008 with 49 per cent stake held by DLF Brands and 51 per cent by Armani.
As new joint partner, Genesis Luxury will assume management of the three Armani stores in India. Genesis Luxury will also expand the retail footprint of Armani in the country with plans to open 20 new Armani stores over the next four to five years.
Genesis Luxury also has a joint venture with British luxury brand Burberry and represents global brands Jimmy Choo, Bottega Veneta and Canali.