Reliance & Diesel sign JV

Published: 31 Dec 2008 02:09:21 PST

Apart of Reliance Industries Ltd, Reliance Brands, has announced a joint venture agreement with Diesel, one of the renowned Italian lifestyle brands. The venture has been proclaimed to introduce the Italy-based brand in India, where 51 per cent stake is held by Diesel and the rest is held by Reliance Brands. The venture is aimed at combining the distribution strength of Reliance Brands, and Diesel's experience, famed for moving ahead of trends in the fashion industry. Renzo Rosso, president & founder of Diesel, said, "In Reliance Brands, we have found not only an ideal partner in size and management skills but also a team of people with which we perfectly align on all strategic plans on how to develop in the Indian market." Similarly, Darshan Mehta, president & CEO, Reliance Brands Ltd, while speaking about the alliance, said, "It is a matter of great pride for us to present the iconic brand Diesel to the Indian customers."