Future Group's venture capital arm Future Ventures and luxury leather goods maker Hidesign have entered into 50:50 joint venture to launch an India-oriented lifestyle brand, reports Economic Times. The brand will be called Holii and will focus on modern Indian woman with competitive pricing. It will sell to mid-market segment with prices being 30-40% lower than those charged by Hidesign. Holii will offer products like briefcases, handbags, computer bags, garments, wallets, belts and other personal and desktop accessories.
Future Group is also in negotiations with Kolkata-based apparel retail chain Turtle Group for an investment. Weather Future Ventures or any other group entity will pick up a stake is not clear.
Hidesign is one of the few luxury brands originating from India and has 63 stores in the country and overseas. It has tanneries near Chennai and manufacturing facilities in Puducherry. Louis Vuitton picked up a 20% stake in Hidesign in 2007.