Italian Lifestyle company Diesel will enter India in a 51:49 JV with Reliance Brands. Diesel is mainly known for its Denim, Footwear, Intimate Wear, Watches and Bags. This is Reliance Brands third such tie-up after Miss Sixty and Paul & Shark JVs incorporated earlier this year.
The first two Diesel stores will open in 2009 at Delhi NCR and Mumbai and later expand to Bangalore, Chandigarh and Hyderabad. Mr. Renzo Roso, President of Diesel said,
We at Diesel identify the manner in which the Indian market is deeply rooted in its heritage yet it is also open to imbibing new ideas for better lifestyle. In Reliance Brands we have found the ideal pattern in size and management skills and also a team of people with which we can align and grow in the Indian market.
Diesel will target the Indian youth and to begin with the the merchandise will be imported and sold in exclusive Diesel outlets as well as multi-branded stores.