According to Business Standard, DLF, India's largest realty firm, is eyeing the Indian franchise rights of the Italian luxury brand Salvatore Ferragamo.
The Italian brand's original franchise partner, Sports Station India, has decided to exit the business and instead concentrate on premium brands such as Levi's and Dockers. Sources close to the development confirmed that the franchise rights were being purchased for approximately US $3 million.
There is only one Ferragamo store in India in Mumbai, which opened in March 2006. Ferragamo is most famous for its hand-made leather shoes, besides its range of accessories such as handbags, men's ties and now even apparel.
It is not clear whether the franchise rights are being purchased by DLF or by the promoters. Sources say Pia Singh, the daughter of DLF promoter K P Singh, and her husband Timmy Sarna have been wanting to bring luxury brands to India at an individual level.
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