GAS comes to India, Raymond, Grotto sign deal

Raymond has signed a 50-50 joint venture agreement with Grotto spa of Italy to introduce GAS, a niche and contemporary lifestyle brand in India.

The investment in the JV is pegged at about Rs 50 crore, and will target a turnover of Rs 125 crore in the next three years.

GAS will be retailed through flagship stores, exclusive franchise outlets, large format stores and multi-brand outlets, and is expected to be present at 600 points of sale over the next three years.

"Through this venture the consumer will get the benefit from the strengths of both partners," Gautam Singhania, chairman and MD, Raymond said.

"GAS can surely capture a much larger market share in India because of the association with Raymond," Aldo Palmeri, vice chairman and member of the board of Grotto spa, added.

Raymond will also launch a premium denim and accessories collection in India through the JV.