Rajesh Exports in joint venture with Fossil

Rajesh Exports, a Bangalore-based gold jewellery maker and exporter, has formed a 50:50 joint venture with the Nasdaq listed $1 billion Fossil Inc to set up a manufacturing unit in India for gold jewellery and watches.

Addressing a press conference here on Monday, Rajesh Mehta, chairman, Rajesh Exports, said joint venture company would invest Rs 25 crore and would bring in exclusive jewellery, watches and fashion accessories under some of the most reputed international brands.

The new company would be called 'Fossil India Inc' and would be engaged in manufacturing lifestyle watches, distribution of jewellery, watches and other lifestyle products and retailing of jewellery and watches, besides outsourcing of jewellery to the global markets through Fossil, he added.

Vasant Nangia, who sold his Oyzterbay line of jewellery stores to Rajesh Exports, has been appointed the managing director of the venture.

According to Mark Parker, senior vice-president, Fossil Asia Pacific, Fossil, is a design development, marketing and distribution company that specialises in lifestyle consumer products predicted on fashion and value.

It is listed on the Nasdaq and its revenues in 2005 exceeded $1 billion with a net income of over $78 million.

The company owns proprietary brands such as Fossil, Relic, MW, MW Michele, Wrist Net, Wrist PDA and Zodiac.

The company has licence agreements with some of the most well known brands in the world such as Adidas, Emporio Armani, Burberry, Diesel, DKNY, Michael, Michael Kors, Marc Jacobs and Marc.

"The alliance catapults Rajesh Exports into the next level of growth and puts the company in the forefront of retail jewellery, watches and accessories. Both Fossil and Rajesh Exports are billion dollar companies with synergies," Rajesh Mehta said.