Christian Louboutin announces a JV partnership in India with Aditya Birla Fashion and Retail

New Delhi: Aditya Birla Fashion and Retail (ABFRL) on Wednesday announced a joint venture partnership with French luxury shoe brand Christian Louboutin for the India market. Under the terms of the deal, the current Indian business of the brand will be transferred into a newly incorporated subsidiary of ABFRL where the partners will hold equal stake. Christian Louboutin currently runs two stores in the country. Founded in 1991, Christian Louboutin known for its signature red sole shoes is present in more than 30 countries. Global luxury brands are sharpening their focus on India at a time when consumption growth in other markets have been somewhat sluggish against the backdrop of macroeconomic challenges. The country with its rising disposable incomes and a young population who are exposed to global brands makes for a lucrative bet for companies. Over the past few months, several global luxury consumer brands like Italian brand Brioni, Swiss brand Laderach and Spanish brand Balenciaga have entered the Indian market. Christian Louboutin’s group CEO Alexis Mourot said that the brand counts India among its important markets. “This partnership reflects our commitment to offering our discerning customers the very best in elegance and style. It also exemplifies our ambition and to develop and shape the future of the luxury market in India,” said Ashish Dikshit, managing director at ABFRL. Last year, ABFRL had announced a partnership with French department store player Galeries Lafayette to open luxury department stores in India. The Aditya Birla Group and Reliance Industries have stepped up their retail play. ABFRL and Reliance Brands have been partnering with a slew of global brands to help them launch and expand in India.