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.
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 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 soon. We plan to open 20-25 stores and expand over the next 2 to 3 years to other cities,” Sandeep Goenka, CEO, Periwinkle Fashions, said.
The company will also tie up with departmental stores and e-commerce platforms, along with brick and mortar stand-alone stores.