Raymond has formed an equal partnership joint venture with Grotto SpA, an Italian fashion company, to launch its Italian fashion brand GAS in India. The brand will be available at its flagship and exclusive stores as well as large format and multi-brand outlets, creating a total of 600 points-of-sale in three years. The companies are targeting a turnover of Rs. 1250 million in three years.
The first GAS store will be opening in early 2007. According to Aldo Palmeri, vice chairman and member on the board of Grotto SpA, "Right now, we are looking at distribution in the Indian market. In the future, we will look to manufacture in India as well."
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