Under the MoU, Versace 19.69 Italia SRL has agreed to grant a license of the trade name and trademarks to Magenta Fashions, to manufacture and market on its behalf and in the name of Versace 19.69 Abbigliamento Sportivo, Milano Italy. They will offer products like apparels, footwear, accessories, jewellery, eyewear, cosmetics and home furnishings. It may be recalled that Abbigliamento Sportivo was founded by Allessandro Versace in 2001.
As per Ravi Shankar Rao, Managing Director & Partner, Magenta Fashions-India they will be entitled to “Manufacture whether by itself or through any third party appointed by Magenta Fashions-India, on behalf and in the name of the Versace 19-69 Abbigliamento Sportivo Milano-Italy and market and sell the products using the trade name &trademark through various marketing formats including that of sourcing, outsourcing, franchising and other similar arrangements.
Theofanis Papadas, CEO, Versace 19.69 Italia adds, “Versace 19.69 shall also have the right to purchase from Magenta Fashions-India and sell and market in international markets, the goods manufactured by Magenta Fashions in the name and on behalf of Versace 19.69.” Like many other global brands, despite Indian government permitting 100 per cent FDI in single brand retail, the company has decided to go for licence-based model for its operations in the country.