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UK's luxury fabric maker Holland & Sherry, the pin-striped suit brand that Prime Minister Narendra Modi wore during US President Barack Obama's visit last year, today formally launched its operations in the country through a joint venture with S K Birla Group's Digjam.
"India is the fastest growing country in the world and it is the right time for us to bring our products in the Indian market..We expect good growth in the next few years," Holland & Sherry Chief Operating Officer Frank O'Reilly told reporters here.
Holland & Sherry India Pvt Ltd is a 51:49 partnership with the Indian partner holding the minority stake.
"Holland & Sherry will be sold through over 100 dealer outlets across the country. The aim of the venture is to have an annual growth of 15-20 per cent in the coming five years," Digjam Ltd and Holland & Sherry India Managing Director and CEO C Bhaskar said.
Since 2008, Holland & Sherry has been available in India through a tie-up with the SK Birla group.
The company's product range starts from Rs 5,000 a metre and goes up to Rs 15 lakh a metre.
Last year, during his meeting with Obama, Modi famously wore a pin-striped suit with his name from Holland & Sherry's signature collection, which is customised as per a customer's requirement. It became a topic of discussion and the suit was later auctioned.