Celio increases stake in Future Group JV

Supporting the buzz of their plans to go solo in India, French men’s

wear brand Celio that entered in India in 2008, has raised its stake to 65 percent in an earlier equal joint venture (JV) with Kishore Biyani's Future Group. The move is said to be the part of its aim to be the 100 percent owner of the company.

Company’s strategic move comes after the Foreign Investment Promotion Board (FIPB) gave a green signal to increase its stake in the company to 100 percent in July. Celio plans to invest Rs 40 crores to open new stores.

With 36 Celio exclusive stores already operative in India and presence through about 110 shop-in-shops, and having Shoppers Stop, Lifestyle, Pantaloons and Central as its departmental store partners, the company is looking at spreading its retail footprint by opening more exclusive stores. In a recent interview, Rajiv Nair, CEO, Celio had confirmed that the brand would add at least 12-15 EBOs per annum for the next three years apart from pushing the MBO presence.