S Kumars Brandhouse + Italian Oviesse tie up

S Kumar Group’s Brandhouse Retail and Italian Fashion Major, Oviesse have announced a Joint Venture in India. S Kumars will hold 62.5% stake in the venture which will involve a total investment of Rs 160 crore. They plan to setup over 150 stores and have set a target of Rs 1,500 cr turnover in 5 years. The first three stores will be launched in Bangalore, Delhi and Mumbai.

Oviesse will be positioned as a fast fashion affordable brand. Since it takes time to setup the local manufactuing unit here in India, they plan to import the merchandise and kickoff with the retailing initiative.

Mr. Nitin Kasliwal of Brandhouse Retail said,

The Indian fashion industry is facing a huge gap for fashion at affordable prices especially for the youth. Despite the steep duties, we will make Oviesse affordable to the Indian youth.

Oviesse currently retails in Italy through a chain of 340 stores. Mr. Stefano CEO of Gruppo Coin, parent company of Oviesse said,

India is today on the radar of most international companies. With its huge population of youth, we see it as a perfect market for the Oviesse brand.

Brandhouse retail is well known name in the Indian appareal retail since it is the master franchisee for Reid & Taylor, Belmonte, Carmichael etc