Rajesh Exports forges 50:50 JV with Fossil Inc
New Delhi, Dec 4 (UNI) Rajesh Exports Ltd (REL) has formed a 50:50 joint venture with the Nasdaq-listed one billion company Fossil Inc for manufacturing and distribution of jewellery, watches and lifestyle products.
The JV company -- Fossil India Inc -- would also be engaged in the retailing and outsourcing of jewellery, watches and lifestyle products to the global markets through Fossil Inc.
The new company would bring in exclusive jewellery, watches and fashion accessories under some of the most reputed international brands to the Indian consumers, a statement said.
Mr Rajesh Mehta, Chairman, Rajesh Exports, said, ''Fossil's vast sales and distribution network will be tapped for supply of jewellery while its experience in building world class brands will be tapped for retailing in India.'' Fossil has a great portfolio of fashion and luxury brands that will be marketed in our retail stores as well, he added.
Fossil Inc is a design development, marketing and distribution company specialising in lifestyle consumer products predicted on fashion and value. With revenues exceeding one billion dollars in 2005, the company posted a net income of over 78 million dollars last year.
Fossil Inc has a retailing presence in over 90 countries across the world and owns proprietary brands like Fossil, Relic, MW, MW Michele, Wrist Net, Wrist Pda and Zodiac. It has license agreements with brands like Adidas, Emporio Armani, Burberry, Diesel, DKNY, etc.
REL has recently forayed into retailing and plans to open more than 150 retail jewellery showrooms pan-India within June next year.
It has already rolled out 22 retail stores under the brand name 'Laabh Jewellers' in its first phase of retailing.
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