Madura inks retail JV with Hackett London

In a bid to scale up its high-margin luxury business, Madura

Fashion and Lifestyle has inked a JV with British luxury menswear and accessories brand Hackett London. Through this agreement, Madura will initially open three stores in Delhi, Bangalore and Chandigarh.

Madura Garments is a unit of Aditya Birla Nuvo. A leading Indian apparel and retail company for top brands like: Louis Philippe, Van Heusen, Allen Solly, Peter England, Byford, Elements and SF Jeans. The company plays a significant role as a preferred global supplier for international brands such as Esprit, Marks & Spencers, Tommy's Hilfiger, Polo, and Ralph Lauren in India. The company has a network of exclusive stores/department chains and premier multi-brand outlets both within and outside India. It also distributes its brands through its own retail outlets Planet Fashion and Trouser Town.

Keeping the recent CII-AT Kearney report on India’s bullish luxury market in mind and with government allowing 100 per cent FDI in single brand retail, many global premium luxury brands are planning India entry but rather than taking advantage of the FDI regulation letting these labels enter on their own, they are showing keen interest in setting up stores along with local partners. Reasons like lack of understanding of the local market and 30 per cent mandatory souring from SMEs are forcing them scout for a partner, who can build and expand the brand presence here.