France's LVMH Moet Hennessy Louis Vuitton is in talks to buy 20 percent in Indian leather goods maker Hidesign, the Economic Times said on Tuesday.
LVMH will position the Indian brand as an affordable product in overseas markets like Japan, the newspaper said.
“Our partnership is at the operational, marketing and design front,” Hidesign President Dilip Kapur told the newspaper.
“In addition to the equity stake, there is an understanding of mutual aid between the two brands,” he was quoted as saying.
LVMH's India representative told the paper: “The deal is still under negotiation.”
Local papers had earlier said LVMH is opening a manufacturing unit in southern India in a joint venture with Hidesign, which sells leather bags, jackets and accessories.
Source : Reuters