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Aditya Birla Fashion and Retail (ABFRL), India's leading fashion company, announced a joint venture with one of the world's most famous shoe designers, Christian Louboutin. “This joint venture envisages the transfer of the current Indian business into a newly incorporated subsidiary of ABFRL where the partners will hold equal stake,” ABFRL said in a release.
Christian Louboutin, known for its red soles, was founded in 1991 in Paris and has diversified into men’s footwear, leather goods and accessories, beauty and kids, and is now present in over 30 countries.
“We are excited to partner with ABFRL's team and look forward to working with them to manage and develop the business in India, which is an extremely important market for us,” said Alexis Mourot, Christian Louboutin’s Group Chief Executive Officer.
Ashish Dikshit, managing director, ABFRL was quoted as saying in the release, “We are thrilled to announce our strategic alliance with Christian Louboutin, a true icon in luxury footwear. This partnership reflects our commitment to offering our discerning customers the very best in elegance and style. It also exemplifies our ambition to develop and shape the future of the luxury market in India.”
