Wacoal forms JV with Periwinkle to enter India

Tokyo-based global lingerie brand Wacoal, has formed a joint venture with Periwinkle Fashions to formally enter India. The brand had set its eyes on India for a long time The new venture, to be called Wacoal India, with Wacoal International Hong Kong holding 51 percent stake in the company, Periwinkle Fashions, part of the Ramesh Tainwala-promoted Tainwala Group, will hold rest of the 49 percent.

Wacoal International Hong Kong is a wholly-owned subsidiary of Wacoal Corporation reported an earnings of 1.63 billion dollars (over Rs 10,300 crores) in 2014. It has strong presence in 66 countries, including the US and leading Asian markets like Japan, Korea, Taiwan, Thailand and China.

To begin with, Periwinkle would open Wacoal stores in Mumbai and Delhi. The company aims to open 20-25 stores and expand its reach over the next two to three years to other cities. The plan is to also expand presence through departmental stores and ecommerce platforms. The company has brought luggage maker Samsonite and accessory store chain 'Accessorize', among others to India and retails other luggage brands like American Tourister, Hartmann and High Sierra as well as in-house ladies handbags and shoes brand 'Lavie'.