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Domestic textile player Siyaram Silk Mills has announced joint venture with leading Italian lifestyle brand Cadini.
"We have entered into joint venture with leading Italian lifestyle brand Cadini. We have bought ownership rights to manufacture and market Cadini brand for its fabric segment in India, Sri Lanka and few other countries in Middle East," Siyaram Silk Mills Chairman and MD Ramesh Poddar told PTI.
He added, "Siyaram's currently has annual revenue of around Rs 1,550 crore and expects to grow by 10-15 per cent annually this year. We expect Cadini to contribute around Rs 100 crore of our total revenues in the next financial year.”
Cadini will also help Siyaram's in sourcing and designing. The brand will be available in India in superior fabrics followed by garments and accessories, while the company also plans to open its Cadini exclusive outlets and shop-in shop in the near future. Expecting a great response from the humongous and fast growing Indian market Cadini Brand Director, Daniella Nicolle said, "This venture has not only provided us a platform to showcase our collection to the Indian consumer but has also helped us to discover various avenues in terms of global marketing."
