Gitanjali Gems - MoU With Mariella Bitrani Fashion Group, Italy

Gitanjali Gems Ltd has informed BSE that the Gitanjali Lifestyle Ltd (GLL), a wholly subsidiary of the Company is signing a Memorandum of understanding (MoU) with Mariella Burani Fashion Group (MBFG) of Italy to form a Joint Venture in India by way of incorporation of a new Company. The proposed new Company will be jointly controlled by GLL and MBFG.

The Objective of the proposed joint venture is to significantly drive growth of MBFG's brands in emerging markets, particularly the Mariella Burani, Baldinini, Rosato, Calgaro and Facco collection in the Far East by capitalising on the expertise contributed by the respective partners. GLL will develop an extensive distribution network which is expected to include 32 monobrand and boutiques and 132 shop in exclusive multi-brands retailers. The Company will provide production, marketing, logistics and distribution expertise based on its extensive know-how of the Indian Market and its existing retail network. MBFG will contribute its consolidated experience in the design, development and international distribution of Italian lifestyle appered, leather goods and Jewellery collections.

MBFG designs, produces and distributes world wide a diversified and complementary range of Luxury apparel, footwear, leather accessory and jewellery collections under its own brands and under license for prestigious international designers. MBFG founded in 1960 by Walter Burani, Chairman & CEO of the Group and listed in the STAR segment of the Italian stock exchange since July 2000, is today international recognized public Company with an established position in the accessible luxury goods market. MBFG manager to provide top quality luxury goods at accessible prices by capitalising on the strength and flexibility provided by Italy's industrial districts, world renown for their excellence in the development of luxury products.

Source : Bombay Stock Exchange