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.
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Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.