Itochu to facilitate Emerald enter high-end Indian market

Itochu Corporation a fortune 500 company commenced trading operations in Japan in 1858. It is engaged in domestic and overseas trading of a range of products that include textiles, communication technology, machinery, energy, metals, minerals, chemicals, food and construction.

Itochu Corporation has entered into an agreement with Emerald International, the specialist Sri Lankan shirt manufacturer, to be the agent to market its shirt making capacity to high-end shirt brands in India, via its export arm - Colman Garments.

India, the second fastest growing major economy in the world is experiencing phenomenal growth in retail fashion due to its young population and the steady increase in disposable income among middle and upper middle segments.

This has created high tides in the stylish fashion world with fashion labels storming into India in the form of joint ventures with giant Indian corporations.

Some high profile joint ventures hitting the front pages recently were,

* Reliance, a subsidiary of Reliance Retail, with Italian fashion house Sixty Group, to retail its brands in India.

* DLF with Armani, Dolce & Gabbana

* Raymond, the 'house of complete men' with the Italian fashion brand Grotto

Other international brands to enter India are Gruppo Cadini, Gucci, Ermenegildo Zegna, Corneliani, Canali, Brioni, and Pal Zileri

Apparel is the largest component retailed in India and is expected to grow at a constant rate of 20 percent over the next four years.

With the envisaged upturn of high-end Indian fashion and expected growth, the management of Emerald thinks it prudent that it demonstrates to its giant neighbour Sri Lankan capabilities in producing world class shirts.

Emerald through Itochu Corporation looks forward to tying up in producing for an Indian giant label.