Periwinkle by side, Wacoal eyes foothold in India

Tokyo-listed global lingerie brand Wacoal is entering India through a joint venture with Periwinkle Fashions.
The new venture will be named Wacoal India, with Wacoal International Hong Kong holding 51 per cent stake in the company.
Wacoal International Hong Kong is a wholly-owned subsidiary of Wacoal Corporation.
The company reported an earnings of USD 1.63 billion in 2014.
Periwinkle Fashions, part of the Ramesh Tainwala-promoted Tainwala Group, will hold 49 per cent. Periwinkle Fashions has brought luggage maker Samsonite and accessory store chain 'Accessorize', among others to India.
Wacoal has strong presence in 66 countries, including the US and leading Asian markets like Japan, Korea, Taiwan, Thailand and China.

The brand is present in the European market as well.

"We will open stores in Mumbai and Delhi starting July. We plan to open 20-25 stores and expand over the next 2-3 years to other cities," Sandeep Goenka, chief executive officer, Periwinkle Fashions, told PTI today.
He added that the company will also tie up with departmental stores and e-commerce platforms, along with brick and mortar stand-alone stores.
"We are investing in physical stores as this will build brand value. We will also look at online sales as this avenue cannot be ignored," Goenka said.
Over the "next 4-5 years, the company plans to build a Rs 80-100 crore brand", he added.

Besides Samsonite, Periwinkle Fashions retails other luggage brands like American Tourister, Hartmann and High Sierra.
It also retails in-house premium ladies handbags and shoes brand 'Lavie'.
The group employs over 800 people across India and has over 190 exclusive brand stores and will add further staff to manage its current expansion, Goenka indicated.