French luxury footwear brand Christian Louboutin has entered into a joint venture agreement for the Indian market with fashion retailer Aditya Birla Fashion and Retail Limited (ABFRL).
The partnership envisages the transfer of the current Indian business into a newly formed subsidiary of Aditya Birla Fashion and Retail Limited, in which the partners will have equal shares, the company, part of the Aditya Birla Group, said on Thursday.
For the Indian fashion retailer, the collaboration with Louboutin is an example of its commitment to developing and shaping the future of the luxury market in India, said Managing Director Ashish Dikshit. As of March 2023, Aditya Birla Fashion and Retail Limited had a network of 3,977 stores across approximately 33,535 multi-brand stores and 6,723 department store outlets across India.
“We are pleased to welcome Christian Louboutin to the ABFRL family and build a strong platform for the brand in India,” said Sathyajit Radhakrishnan, CEO of International Business. “The brand’s distinctive style and craftsmanship appeals to a discerning Indian audience that is growing rapidly.”