Siyaram Silk Mills today said it has bought ownership rights to manufacture and market Italy's lifestyle brand - Cadini for its fabric segment in India, Sri Lanka and few other countries in West Asia.
"We want to give Indian consumer the Italian feel at a reasonable price by customising it to our market. Some products will be imported from Italy, but a major portion will be from India. We will bring the Italian innovation and manufacture it over here," said Ramesh Poddar, Chairman and Managing Director, Siyaram Silk Mills Ltd at the launch of the brand in India without disclosing the consideration.
Siyaram's currently has annual revenue of around Rs 1,550 crore and expects to grow by 10-15 per cent annually this year, Poddar said.
"We expect Cadini to contribute around Rs 100 crore of our total revenues in the next financial year," Poddar said.
Cadini will also help Siyaram's in sourcing and designing and the brand will be available in India in superior fabrics followed by garments and accessories and will also open its own exclusive outlets & Shop-in Shop in the near future.