Raymond inks JV pact with Grotto SpA, Italy

Mumbai, Nov 10 (UNI) Raymond Ltd today signed a 50:50 Joint Venture (JV) Agreement with Grotto S p A, of Italy for sale in India of casual apparel and accessories bearing the trademark 'Gas'.

Announcing this, the company's notice to BSE said the Joint Venture is subject to the approval of the Board of Directors of the respective Companies, certain conditions precedent, requisite regulatory and other approvals. Grotto is the owners of the international brand 'Gas'.

Key aspects of the JV would be to introduce a niche and contemporary fashion lifestyle brand in India followed by vast distribution network comprising of flagship stores, exclusive franchisee stores, large format stores and multi-brand department stores outlets would increase the reach of the brand in all the cities. The company plans to open nearly 600 points of sale by the end of three years.

UNI SN PM VKG1625