Aditya Birla Fashion forms JV with Christian Louboutin for India market
ABFRL), on Wednesday announced a joint venture with high-end Parisian footwear brand Christian Louboutin, strengthening its play in India’s small but growing luxury goods market. This collaboration envisages the transfer of the current Indian business into a newly incorporated subsidiary of ABFRL where the partners will hold equal stake. The move follows ABFRL’s 2022 announcement to bring luxury department store chain Galeries Lafayette to India via large stores and a dedicated e-commerce platform.
The joint venture will help ABFRL develop and shape the future of the luxury market in India, said Ashish Dikshit, managing director, Aditya Birla Fashion and Retail. "This partnership reflects our commitment to offering our discerning customers the very best in elegance and style," he added. Alexis Mourot, Christian Louboutin’s Group CEO, said India is an extremely important market for the brand.
Founded in 1991 in Paris, Christian Louboutin is among the leading names in global luxury and popular for its signature red sole shoes. The company has diversified its business into men’s footwear, leather goods & accessories, beauty and kids. It is present in over 30 countries.
Meanwhile, luxury brands are chasing growth in India, as affluent shoppers and local partners with deep pockets present a huge opportunity to expand in the market. Last year, Reliance Brands Ltd signed a deal to bring the luxury couture brand Balenciaga to India. Additionally, last month Reliance Industries Limited (RIL) opened its high-end mall Jio World Plaza (JWP) giving Mumbai a new destination for high-end shopping.
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