Italian brand Tod's to enter India31 August 2007
Italian brand Tod's is planning to enter India through a 51:49 joint venture with Bhukhanvala Holding Pvt Ltd.&rtreturn;The joint venture company, Tod's Retail India, has approached the Foreign Investment Promotion Board for retail trading under single brand, sources said. The permission is being sought for Tod's Hong Kong and its affiliate Tod's International BV to acquire 51% of shareholding in Tod's Retail India amounting to Rs 5.7 crore (US$ 1.4million).&rtreturn;The acquisition would enable Tod's to bring its range of products to India. The Tod's group sells shoes and luxury leathergoods under the brands Tod's and Hogen and also deals in casual wear under the brand name Fay.&rtreturn;As part of the plans, Tod's Hong Kong would hold a 50% stake while Tod's International would hold another 1% of the share capital of the joint venture. Bhukhanvala Holding would subscribe to a 49% stake for Rs 5.5 crore, sources said. Tod's Hong Kong and Tod's International BV, are wholly-owned subsidiaries of Tod's Group.&rtreturn;Tod's recently reported consolidated sales of €316.4 million in the first six months of 2007, up 15.7% on the same period of 2006. Products are made in the group's own factories, a total of seven for shoes and two for leathergoods, and in a limited number of specialised laboratories.