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Versace Inks Pact with Majgenta Fashions for Indian Market

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Indian Fashion - Versace Inks pact to enter India
Versace Inks Pact with Majgenta Fashions for Indian Market
09 th Jan 2013

Italian luxury clothing and accessories firm Versace today said it has entered into an exclusive partnership with Indian company Majgenta Fashions to tap the retail market in India. Commenting on the development, Versace 19.69 Italia SRL CEO Theofanis Papadas said: "India is a very important luxury market for us that is growing at a rapid pace. We are here to bridge the luxury and affordability gap for the Indian fashion aficionados." The brand is all set to offer products under various categories that include apparels, footwear, accessories, jewellery, eye-wear, cosmetics and home furnishings, Mr Papadas added. "Under the memorandum of understanding (MoU), Versace 19.69 Italia SRL has agreed to grant a licence of the trade name & trademarks to Majgenta Fashions to manufacture and market on behalf of and in the name of Versace 19.69 Abbigliamento Sportivo Milano Italy," he said. The first phase of India launch will see the introduction of eye-wear and jewellery followed by the entire product range by year end. Majgenta Fashions-India will be entitled to manufacture by itself or through any third party appointed by it on behalf and in the name of the Versace 19.69 Abbigliamento Sportivo Milano-Italy, market and sell the products, Majgenta Fashions-India managing director and partner Ravi Shankar Rao said on the pact. While Versace 19.69 will be directly involved in the styling and marketing of the brand in India, Majgenta Fashions will be responsible for manufacturing, retailing and other related functions.

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