Apparel major the Benetton Group, which has a presence in 120 countries around the world and produces 130 million garments every year, will make India its major sourcing hub for fabrics to cater to markets like South America, Russia, Eastern Europe, Southeast Asia and Japan. ?India is a significant sourcing country for us outside Europe. We will source from India fabrics and other products that are competitive in terms of pricing,? said Alessandro Benetton, executive deputy chairman, Benetton Group.
Stating that India has not been such a relevant market earlier, Benetton said that now, with a strong economy and high GDP growth rates, India has emerged the fifth largest market for the group for regions outside Europe. ?We are a global company, and have several relationships for sourcing across the globe,? says Benetton.
Benetton has been sourcing from India for the last two years, with a thrust on kids? garments, but will now step up its sourcing operations here. But the company will continue to send raw materials and designs to India, since it feels the quality of its garments can never be compromised. Says Benetton, ?We cannot compromise on the quality of our products. We have worked in India for many years and we have a good understanding of the market.?
Benetton?s brands include the casual United Colors of Benetton, the fashion-oriented Sisley, leisurewear Playlife and streetwear Killer Loop. It has a retail network of 5,000 stores around the world, and has a turnover of over 1.9 billion euros. Established in 1965, Benetton is now controlled by Edizione Holding (a holding company wholly owned by the Benetton Family).
?ties up with Trent
The Benetton Group on Tuesday said it has formed a strategic partnership with Trent Ltd, a Tata group company, for the commercial expansion of Benetton?s premium fashion brand Sisley in India. The deal, by which Trent will have master franchisee rights for Sisley in India for five years, will see the opening of 20-30 exclusive stores in the next three to four years, in addition to managing and operating the three existing Sisley stores in Delhi. Trent, which will bring in local knowhow and dedicated point-of-sales into the relationship, will invest Rs 40-50 crore in the partnership.