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Aditya Birla Group's Madura Fashion & Lifestyle has entered the luxury single brand retail through a joint venture with British luxury menswear and accessories brand Hackett London as part of a strategy to be present across price and consumer segments in the fashion business.The move follows a mandate from group chairmanKumarmangalam Birla to give heft to the growing high-margin fashion business and dramatically scale up revenues within the next few years, officials said.
Confirming the move, Madura F&L CEO Ashish Dikshitsaid, "Our partnership with Hackett London establishes our intent and we plan to bring in few more brands to India from around the globe."
He added, "Markets are evolving in various segments and offers opportunities for market dominance in the apparel industry."
The 33-year-old brand Hackett, founded by designerJeremy Hackett, has over 77 stores mainly in Europe and Asia. Its commercial success has been linked to the export of its very British take on things to countries around the world, which will now extend to India.
Vicente Castellano, managing director of Hackett London, said India has been on the firm's radar for some time. "Madura's undoubted understanding of the Indian men's fashion market combined with the appeal of Hackett London, will enable Hackett to build a strong business in India and bring our 'Essentially British' world to the Indian consumer," he said.
Madura is setting up the first Hackett store in the Emporio mall in Delhi in the second week of September followed immediately by another store opening in UB City, Bangalore. A third store will come up in Chandigarh this fiscal.
SOURCE:http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/aditya-birla-groups-madura-fashion-lifestyle-enters-luxury-single-brand-retail-with-uks-hackett/articleshow/16358048.cms