Christian Louboutin has transferred its current Indian business into a joint venture with Indian fashion brand operator Aditya Birla Fashion and Retail Limited (ABFRL).
Although the deal’s details have not yet been disclosed, ABFRL said the partners will hold an equal stake. Christian Louboutin’s Group CEO, Alexis Mourot, referred to India as an important market for the business.
“This partnership reflects our commitment to offering our discerning customers the very best in elegance and style,” said Ashish Dikshit, MD at ABFRL. “It also exemplifies our ambition to develop and shape the future of the luxury market in India.”
Founded in 2991 in Paris, the French label is known for its signature red-soled shoes. The brand, retailing footwear, leather goods & accessories, and beauty products, has a presence in more than 30 countries.
Christian Louboutin will join ABFRL’s existing portfolio of international brands, including Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle, Reebok and Galeries Lafayette.
Earlier this year, the Indian fashion retail giant acquired a 51 percent stake in TCNS Clothing, which owns ethnic brands W, Aurelia, Wishful, Folksong, and Elleven.
The country’s luxury market has received an influx of investment in the past few months. SMCP, which owns Sandro, Maje, Claudie Pierlot and Fursac, has recently expanded its reach to India in partnership with retail conglomerate Reliance Brands, betting on the country’s growing luxury market.
Euromonitor International estimates India’s luxury market to generate US$8.5 billion this year, making it one of the fastest-growing markets in the world.