Genesis denies reports of a split with LVMH

Delhi-based Genesis Luxury known for bringing global

high-end brands such as Armani, Canali, Jimmy Choo, Bottega Veneta to India, has refuted media reports of its relationship with L Capital Asia having gone kaput. Along with its parent company, Genesis Colors that has been successfully retailing Satya Paul, Tie Rack and Bwitch are recording a growth rate of 35 percent annually despite the economic slump. The company also plans to roll out an IPO in the next two to three years based on the requirement then.

Genesis has seen its same-store sale rise 10-15 percent over the last fiscal. It is in talks with some high-street casual wear brands, which may be introduced by them in the next year or two. The company launched two new brands in July this year; Michael Kors at DLF Emporio, New Delhi and Villeroy & Boch at the Palladium, Mumbai.

While L Capital is an investor in Genesis Luxury, three other private equity funds— Sequoia Capital, Henderson and Mayfield are investors in Genesis Colors, the parent company which owns 60 percent of Genesis Luxury. Sources say, all the three investors had recently made additional investments by subscribing to the rights issue of Genesis Colors.