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INDIA BUSINESS WORLD - 1st FEBRUARY - TO - 15th FEBRUARY - 2009
RETAIL ARM OF TATA GROUP, TRENT, IN JV WITH SPAIN-BASED FASHION RETAILER INDITEX FOR ZARA STORES IN INDIA
TRENT, the retail arm of the Tata Group, has said that it has formed a joint venture with the Inditex Group to develop and promote the foreign company's Zara stores in India. Inditex is a leading Spain-based fashion retailer. Inditex will hold a 51% stake in the joint venture with the Tata company holding the remaining 49%. The partnership plans to open stores in New Delhi, Mumbai and other major cities of India next year.
"We see great opportunities for Zara in a country which is becoming increasingly fashion conscious. Zara has proven itself capable of quickly adapting to changing consumer tastes across geographies. Zara will satisfy the discerning Indian consumer's demand for the latest fashion trends very well," Trent managing director Noel N Tata said in a media statement.
Inditex has a strong retail presence under Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque brands. It has more than 4,200 stores across 73 countries. The company posted sales of € 9.435 billion in 2007. Inditex deputy-chairman and chief executive Pablo Isla said: “We view our entry into the Indian market to be of significant strategic importance. We are extremely delighted to be associating with Trent from the Tata Group, one of India’s largest and most respected business houses."
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