Japanese giant Itochu to help Emerald dress Indian high-end shirt market

Wednesday, 6 July 2011 00:00 - - {{hitsCtrl.values.hits}}

FORTUNE 500 Japanese giant Itochu Corporation has entered in to an agreement with Emerald International, the specialist Sri Lankan shirt manufacturer, to act as the agent to market its shirt making capacity to high end shirt brands in India, via its export arm Colman Garments.

India being the second fastest growing major economy in the world is experiencing phenomenal growth in retail fashion due to the strong growth owing to a young population and the steady increase in disposable income amongst the middle and upper middle segments. This revaluation has been strong enough to create high tides in the stylish fashion world (dominated by Europe and America) with fashion labels storming into India in the form of joint ventures with some Indian giant corporations, Some of the high profile fashion joint ventures hitting the front pages recently are: Reliance Brands, a subsidiary of Reliance Retail, which entered into joint venture with Italian fashion house, Sixty Group, to retail its brands in India; DLF tying up with Armani, Dolce & Gabbana; Raymond, the Gautam Singhania owned ‘house of complete men’ entered into a joint venture with the Italian fashion major ‘Grotto’; and other international brands to enter India are Gruppo Cadini, Gucci, Ermenegildo Zegna, Corneliani,Canali, Brioni and Pal Zileri

Emerald said apparel today has the largest share of the modern organised retail in India and is expected to grow at a constant rate of 20% over the next four years. “With the envisaged upturn of the high end Indian fashion and the phenomenal growth expected, the management of Emerald thinks it’s only prudent that it demonstrates to its giant neighbours the Sri Lankan capabilities in producing world class shirts, thus this tie up with Itochu Corporation. Emerald through Itochu Corporation is confident of tying up in producing for an Indian giant label,” the spokesman said.

ITOCHU Corporation is a fortune 500 company with its roots going way back to 1858 when it first commenced its trading operations in Japan. ITOCHU, one of the leading high network trading organisations in the world engaging in domestic and overseas trading of various products ranging from textile, communications technology, machinery, energy, metals, minerals, chemicals, food, construction among others.