Mukesh Ambani-controlled Reliance Brands has formed a joint venture with world famous Italian lifestyle brand Diesel to launch the global brand in the country in 2009, a top company official said today.
"We have formed a 49:51 per cent joint venture with Italy-based Diesel International. This JV is truly one of the most important milestones for the company," Reliance Brands President and CEO Darshan Mehta said.
"The iconic brand is all set to shift paradigms with the introduction of the Diesel Lifestyle offering a vast selection of denims and other apparel, shoes, bags, intimates, eye-wear and fragrances," Mehta said.
Reliance Brands will launch Diesel brands in Mumbai and Delhi in FY'09. Diesel will also look at the fast upcoming markets like Bangalore, Hyderabad and Chandigarh, he said.
Reliance Brands will tap the the high-end of apparel and accessories for upmarket consumers.
Diesel brand jeans will cost around Rs 8,000 and above.
"The high-end apparel and accessories market in India is estimated at Rs 4,000 crore and is growing at the rate of 25 per cent," Mehta said, adding that the company will import the product and has no plans to manufacture the same in India.
