Domestic textile player Siyaram Silk Mills announced joint venture with leading Italian lifestyle brand ‘Cadini.’

“We have entered into joint venture with leading Italian lifestyle brand Cadini. We have bought ownership rights to manufacture and market Cadini brand for its fabric segment in India, Sri Lanka and few other countries in Middle East,” Siyaram Silk Mills chairman and managing director, Ramesh Poddar said in Mumbai.

“We want to give Indian consumer the Italian feel at a reasonable price by customizing 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,” Poddar said at the launch of the brand in India.

He said “Siyaram’s currently has annual revenue of around Rs 1,550 crore and expects to grow by 10 to 15 per cent annually this year. We expect Cadini to contribute around Rs 100 crore of our total revenues in the next financial year.”

Cadini will also help Siyaram’s in sourcing and designing. The brand will be available in India in superior fabrics followed by garments and accessories, while the company also plans to open its Cadini exclusive outlets and shop-in shop in the near future.

Expecting a great response from the humongous and fast growing Indian market Cadini Brand Director Daniella Nicolle said, “This venture has not only provided us a platform to showcase our collection to the Indian consumer but has also helped us discover various avenues in terms of global marketing.”

Siyaram’s has spent Rs 80 crore to modernize its manufacturing facility this year and will spend around Rs 70 crore next year funded through internal accruals as well as government incentive Textile Upgradation Fund Scheme (TUFS), Poddar said.