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.