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Indian American Murjani sets up JV to bring retail concept to India

The Economic Times
 

An Indian American gas teamed up with the former chairman of Bloomingdale’s for a joint venture to bring international brands and retailing concepts to India. Mohan Murjani group, has formed a joint venture with Marvin Traub, the former chairman of US-based Bloomingdale’s The joint venture, Murjani Traub India Ltd (MTI), will consult with Indian retailers and developers in their internal expansion, it was announced by the company.

“India has the world’s youngest population, with 65 per cent below the age of 35. With a fast growing middle class with disposable income, 40 million Indians have the purchasing power of Americans. “Retailing is rapidly developing with 300, malls planned by 2007, representing approximately 19mn sq.ft.,” the company said. With offices both in New York and in Mumbai, India MTI will play a key role in both partnering and aiding global brands enter and navigate the Indian retail landscape.

As president and chairman of Bloomingdale’s, Traub had led three major storewide promotions of India at Bloomingdale’s “Traub is a great believer in the Indian retail sector and will be focusing considerable recourses on India in the years to come,” the company said. The Murjani group was founded in 1930 by B.K Murjani. With production of over 10 million units per annum, Murjani became one of the largest apparel producers in the world by 1958. in 1976,Murjani launched Gloria Vanderbilt and became the first Indian to develop and market major designer brands in the international market place. In April 2004, Vijay Murjani, Murjani’s son, launched Tommy Hilfiger in India. Within the first eight months, Mujani opened six free standing stores, with a further six planned for the first half of 2005.