| Delhi realty firm may have to shell out $3 mn for the rights of Italian luxury brand
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| DLF, the country’s largest realty firm, is eyeing the India franchise rights of ultra luxury brand Salvatore Ferragamo.
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| The Italian brand’s original franchise partner, Sports Station India, has decided to exit the business and instead concentrate on premium brands such as Levi’s and Dockers.
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| Sources close to the development confirmed that the franchise rights were being purchased for approximately $3 million.
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| There is only one Ferragamo store in India in Mumbai, which opened in March 2006. Ferragamo is most famous for its hand-made leather shoes, besides its range of accessories such as handbags, men’s ties and now even apparel.
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| It is not clear whether the franchise rights are being purchased by DLF or by the promoters. Sources say Pia Singh, the daughter of DLF promoter K P Singh, and her husband Timmy Sarna have been wanting to bring luxury brands to India at an individual level.
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| Pia Singh could not be contacted and DLF’s spokesperson declined comment on the matter.
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| K P Singh had earlier told Business Standard that DLF was looking to partner global luxury brands – either through equity stakes or via the franchise route.
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| DLF is currently developing the Emporio mall in the capital, which will be a one-stop shop for all kinds of luxury brands such as Armani, Versace, Louis Vuitton, Christian Dior, Dolce & Gabbana, Escada and Cartier. Sources said DLF was also planning to develop another Emporio mall in Mumbai.
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| DLF for sometime been entering the super-luxury business, such as top-of-the-line apartments, an exclusive signature Arnold Palmer golf course, a tie-up with Four Seasons for a hotel and even the development of India’s first luxury mall Emporio.
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| Recently, Sports Station had decided to move away from the active management of luxury brands, and concentrate only on premium brands, which are its core strength.
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| “A separate joint venture with Genesis Colors, called Genesis Luxury, has been set up to mange all luxury brands,” said a company executive.
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| Luxury menswear brand Canali, apparel and accessories brand Aigner and Genesis Colors’s flagship brand Satya Paul make up Genesis Luxury’s portfolio. |
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