| From
construction to hospitality/ retail and now to fashion,
seems to be the business model being eyed by the development
majors.
The construction giant, DLF Group, member of the exclusive
club of 10 Indian companies with market capitalisation
of Rs. One Trillion is looking at entering the booming
retail sector, not merely as a mall developer, but also
as a retailer of luxury brands, reports CNBC TV 18.
DLF is currently developing a 3.20 lakh sq. ft. luxury
mall at Vasant Kunj in New Delhi to be called Emporio
DLF. Slated to open earlynext year, it will offer fine
dining restaurants, a spa, a salon, and a member's club.
DLF is also developing similar malls in Mumbai, Hyderabad
and Chennai and has roped in the services of the US-based
architect firm Jerde, which has the experience of constructing
the Mall of Americas in Minneapolis and the Edmonton
Mall in the US.
According to TV18 sources, Giorgio Armani may be seeking
a tie up with DLF to offer its world renowned lines
of luxury clothes and fashion accessories to growing
base of customers in India. Armani is said to be keen
on this association as in the past it has also unsuccessfully
tried to enter through tie ups with Reliance Retail
and Aditya Birla Retail. DLF's experience of developing
properties could also prove to be an asset for Giorgio
Armani as it is also looking at setting up luxury hotels.
"It is a grand finale of a different kind for
Giorgio Armani," said Kajal Aijaz, CEO, Emporio
DLF. She, however, ruled out the possibility of a JV.
It is, however, pertinent that DLF is also mulling over
entering the luxury segment not merely as a developer
but also as a retailer. It is said to be also in talks
with other well known luxury brands, including Ralph
Lauren of the USA.
Source: www.indianretailbiz.com
Tags: luxury,
fashion,
accessories
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