The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Indian retail development giant, Phoenix Mills Ltd (PML), has partnered with Singapore’s sovereign wealth fund, GIC, to establish a $733 million investment platform for retail‐led mixed‐use assets in India, Mint reports.
GIC will acquire a “significant minority stake” in a portfolio of projects located in Mumbai and Pune. These assets total around 3.4 million square feet of leasable retail and office space.
“The long‐term structural growth that the Indian retail industry continues to offer due to favourable demographics, urbanisation, growing middle class, and increasing consumerism trends will benefit the joint venture,” said Kishore Gotety, co‐head (Asia ex‐China) of real estate at GIC.
Last week, PML and CPP Investments (the management organisation that invests the Canada Pension Plan’s assets) also said they planned to enter into a new joint venture to develop a shopping mall in Kolkata’s upscale Alipore area.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.