Canali acquires stake in Genesis JV

24 January 2011 : Italian luxury brand Canali has picked up 51 per cent stake to form a joint venture with its Indian franchise, Genesis Luxury Fashion. Though Canali had the option to set up a wholly-owned subsidiary, following the government's decision last month to allow 100 per cent foreign direct investment in single-brand retail, it has opted to stick to the previous ceiling.

Source: Times of India