- Reliance Brands is in talks to take over the Indian franchisee rights of the Versace luxury fashion label which operates one store in India in New Delhi.
- Versace and Roberto Cavalli were trying to change their partners in India. The pan masala barons of the Chaurasia Group run both brands in India through their Infinite Luxury Brands.
Reliance Brands is in talks to take over the Indian franchisee rights of the Versace luxury fashion label, and the company is signing an agreement to sell the products of another Italian Valentino luxury brand in India, adding heft to the portfolio of its top-end brands, according to three people familiar with the development.
According to press reports, Reliance has been in talks with Valentino for over two years.
It was reported last month that Versace and Roberto Cavalli were trying to change their partners in India. The pan masala barons of the Chaurasia Group run both brands in India through their Infinite Luxury Brands.
Versace, founded by Gianni Versace in 1971, operates a New Delhi store.
Versace is now in talks with Reliance Brands as it seeks a new partner, said two of the above-mentioned people. If the deal is successful, it will be the third alliance with Reliance Brands for Versace’s parent company Capri Holdings as the two companies already have deals to market Capri’s other two brands in India— Jimmy Choo and Michael Kors.
Versace, which was founded by Gianni Versace in 1978, is an Italian luxury fashion brand. The brand’s primary range is Versace, which manufactures upmarket ready-to-wear and leather accessories made in Italy, while Versace Range (mainly in the US), Versus Versace and Versace Jeans are other diffusion lines. The Versace logo is Medusa’s head, a Greek figure of mythology. The logo came from the floor of the ruins in the Reggio Calabria area played in as children by the Versace siblings. Gianni Versace chose Medusa as the logo because it made people fall in love with her and they didn’t have any way back.
He hoped that his company would have the same effect on people and people who were wearing their clothes and shoes.
The Versace brand is known for its innovative designs with symbolic flashy prints and bright but stylish colors. In 2018, the company announced that it would stop using fur in its collections. On 25 September 2018, Michael Kors acquired all outstanding shares in Gianni Versace S.r.l. for $2.12 billion (USD); the acquisition was completed on 31 December 2018.