New Delhi: Tata Group’s retail arm Trent Ltd on Thursday said it has formed a joint venture (JV) with Spain-based fashion retail player Inditex Group for bringing the latter’s Zara brand to India.
“Trent Ltd today announced a joint venture with Inditex Group to develop and promote Zara stores in India. The partnership plans to open its first stores starting in 2010 in New Delhi, Mumbai and other major cities of India,” Trent Ltd said in a statement.
Inditex would hold 51% stake in the JV, while Trent Ltd would have the remaining 49%.
“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. It will satisfy the discerning Indian consumers’ demand for the latest fashion trends very well, Trent Ltd managing director Noel Tata said.
“We view our entry into the Indian market to be of significant strategic importance...Our retail offering has been very well received by shoppers in Asian markets, and we have rapidly expanded there and now India will be one of our top priorities in the region,” Inditex first deputy chairman and chief executive Pablo Isla said.