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Polo in talks with business houses for India splash

Mumbai, U.S. luxury fashion retailer Polo Ralph Lauren is in talks with Indian business houses, including the diversified Tata Group, for a foray into India. Informed sources said a business development team from the NYSE-listed Polo Ralph Lauren has held exploratory talks with leading Indian business houses, including the Tatas. Sources said Polo Ralph Lauren is in the midst of drawing up its Asia plans, with a regional team being formed in Hong Kong. The AV Birla Group and Arvind Mills are other companies in talks with Polo Ralph Lauren, the report said.However, sources said the Tatas could well be the front-runner at this juncture, as its retail operations under Trent have been looking at sealing alliances in the super premium/luxury lifestyle space. Unconfirmed reports have linked another US luxury brand, Coach, to the Tata Group company. Polo Ralph Lauren ,with over $5.5 billion in market cap,hasn't yet firmed up its India strategy, including whether it would own retail stores in the country by holding 51% direct equity in its India venture, the report added.Sources said the mode of entry would be decided only after Polo Ralph Lauren decided on its plans for the market. Sources, however, say Ralph Lauren’s presence in the Far East is mainly through a licensing arrangement with Hong Kong billionaire Dickson Poon, and it has similar tie-ups in the Middle East markets as well. The 67-year-old celebrity designer, Ralph Lauren, heads the New York-based company with an annualised revenue of around $3.74 billion that sells top-end semi-formal and casual wear clothing for men and women, accessories, fragrance and home solutions. Chairman of retail consultancy Technopak Advisors, Arvind Singhal, feels Ralph Lauren will be easily accepted in India for its high brand recall. Also, there aren’t too many luxury brands for men — in that sense, its entry is well-timed.

 

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