The group firm of S Kumars Nationwide Ltd (SKNL), Brandhouse Retails on Tuesday (February 17) entered into a joint venture with Italian apparel brand, Oviesse. Both the firms will invest Rs 161 crore in the new entity which will market the products of Oviesse in India. Under the new joint venture, about 190 stores will be set up in various cities of the country. According to a statement of Brandhouse, the proposed stores will come up at Tier I and Tier II cities in the next five years.

 

As per the agreement, Brandhouse will own a 62.5 percent stake in the JV while the rest will be held by Oviesse. Reports say that the first three stores will be opened in Delhi, Bangalore and Mumbai by October this year. SKNL had demerged its retail business into Brandhouse Retails Ltd on March 2008. Brandhouse Retails has both domestic and international apparel brands in its kitty.

 

Some of the major brands displayed by Brandhouse include Reid & Taylor, Belmonte, Car Michael, Stephen's Brother, Dunhill, Escada and others. The textile major, Brandhouse has also roped in some other international brands apart from those of its parent company. The company has also planned to open 1,200 mono-brand stores by 2010-11 with an investment of Rs 400 crore.