Reliance Brands is in talks to take over the India franchisee rights of luxury fashion label Versace, and the company is signing a deal to sell products of another Italian luxury brand Valentino in India, adding heft to its top-end brands portfolio, according to three persons familiar with the development.
Reliance has been in talks with Valentino for more than two years, according to press reports.
ET had last month reported that Versace and Roberto Cavalli are looking to change its India partners. Both labels are operated in India by pan masala barons of the Chaurasia Group through its Infinite Luxury Brands.
Versace, founded in 1971 by namesake Gianni Versace, operates one store in New Delhi.
Versace is now in talks with Reliance Brands as it is seeking a new partner, two of the people cited above said. If the deal fructifies, it will be third partnership for Versace’s parent company Capri Holdings with Reliance Brands as the two companies already have agreements to sell Capri’s other two labels — Jimmy Choo and Michael Kors — in India.
