DLF finalises JV with Ferragamo

Real estate developer DLF has entered into a JV with Italian luxury apparel and footwear brand Salvatore Ferragamo. The 51:49 JV is the latest in the real estate firm’s strategy to join hands with leading global premium brands to spearhead its retail business in India. The JV agreement is learnt to hold for 10 years. The JV company named Ferragamo Retail India will set up three stores in Delhi, Mumbai and Bangalore and subsequently add another 10 stores across the country in next five years. The 80-year-old group, founded by Salvatore Ferragamo, has been well known for its association with Hollywood stars and celebrities, including Audrey Hepburn, Sophia Loren, Andy Warhol, Princess Diana and Margaret Thatcher.