Rajesh Exports, Fossil Inc forge JV
Bangalore, Dec 4 (UNI) Rajesh Exports Ltd (REL), the world's largest manufacturer of gold jewellery, and Fossil Inc, international leader in fashion watches and accessories, today announced a joint venture to manufacture and market an array of brands in India and jointly develop jewellery lines for the international market.
The new entity, Fossil India Ltd, would be held 50:50 by the two billion Dollar companies. Mr Vasant Nangia, who had held key positions in Titan, Tanishq and OyzterBay, would be the Managing Director of the new company.
Briefing newspersons here, REL Chairman Rajesh Mehta said the JV would catapult the export firm, producing 250 tonnes of jewellery every year, into the next level of growth. ''This JV will position us in the forefront of retail jewellery, watches and accessories.'' Under the JV, Fossil's vast worldwide sales and distribution network would be tapped for supply of jewellery and its experience in building world class brands would be tapped for retailing in India. Fossil had a great portfolio of fashion and luxury brands that would be marketed in REL's retail stores as well, he said.
Fossil Senior Vice-President (Asia Pacific) Mar Parker said the JV would provide a running start for his company in India. ''Our portfolio with watch brands include Fossil, DKNY, Diesel, Emporio Armani, Burberry, Zodiac, Adidas and Michele. We retail and distribute in over 90 countries and believe in the future potential of India, both as market and as a hub of international sourcing.'' UNI RS GD SKB1601