Raymond, Grotto S.p.A bring brand GAS to India

Mumbai, Nov 10: Indian textile and apparel major, Raymond Ltd today announced a 50:50 joint venture with a leading Italian fashion company, Grotto S.p.A to launch the 'GAS' brand in India.

'GAS' will retail a total look lifestyle collection that features its core business in premium denim clothing offering Indian consumers an incredible fusion of the latest international fashion, quality clothing and an exciting experience in the universe of GAS value and values: passion, positive thinking, sensuality and essentiality, said a company's release here today.

With a total investment of approximately Rs 50 crore, the joint venture will bring together Grotto S.p.A's proven expertise in design and managing a successful brand and Raymond Ltd's expertise in apparel brand building and retailing and its vast distribution network to give Indian consumers a new fashion experience.

The changing demographic landscape of the Indian population is fuelling the growth in demand for international fashion brands. The market for jeanswear in India is estimated at 90 mn pairs per annum of which 30 per cent has been captured by the branded segment.

This joint venture company will characterise a distinct identity in the youth fashion casual apparel category in India. Targeted at high purchasing power, fashion-intelligent consumers, men and women, who look for great quality and style with which they can express their own personality. GAS will be retailed in India through flagship stores, exclusive franchisee stores, large format stores and multi-brand outlets.

Announcing the JV, Raymond Ltd Chairman and Managing Director Gautam Hari Singhania said, ''Our approach, through this venture, ensures that the consumer will get the benefit from the strengths of both partners.'' Grotto S.p.A Vice Chairman and Board member Aldo Palmeri said, ''Our association with Raymond would definitely help GAS to capture a much larger market share in India, giving it an instant recognition amongst the young consumers in this country.''

UNI