Gitanjali inks JV with Morellato Group

Gitanjali group has formed a 50:50 joint venture with the Italian watch and jewellery maker - Morellato & Sector Group. The tie-up was through Morellato’s subsidiary - Armo Netherlands Finance B.V.

The joint venture is said to set up a manufacturing base in India, while overall it would entail an investment of approximately $15–$20 million. The agreement states distribution of all Padua-based watch and jewellery brands through Gitanjali Lifestyle and planned Bezel outlets spanning across India. The brands under mention are Morellato, Molecole, Philip Watch, Just Cavalli Jewels, Miss Sixty Jewels, Roberto Cavalli Timewear, John Galliano and Pirelli Pzero Tempo.

Morellato chief executive Massimo Carraro mentioned that, “The entry into the Indian market, will allow us to protect our position with greater force in the Far East, an area that is witnessing exceptional growth.” Currently China has 26 stores of the Morellato group.