Italian luxury clothing and accessories brand Versace 19.69 announced its entry in India on Tuesday in partnership with fashion apparels and leather exporter Majgenta Fashions. The company, which plans to open close to 70 stores in the country, is likely to make an investment of $25 million over the next three years. Despite the government permitting 100% FDI in single brand retail, it is opting a licence-based model for its operations.
“India is a very important luxury market for us that is growing at a rapid pace…we are here to bridge the luxury and affordability gap,” Versace 19.69 CEO Theofanis Papadas said. The brand, which will initially introduce eyewear and jewellery, will retail its entire range of apparels, footwear, accessories and home furnishings by the end of the current year.