Textile major Siyaram Silk Mills recently entered into a joint venture with Italian lifestyle brand Cadini, to be able to offer Italian products to the Indian customers at a more reasonable price. Ownership rights to manufacture and market Cadini for its fabric segment in India, Sri Lanka and a few countries in Middle East have been bought by Siyaram, and the products will be customized according to the Indian market, but will use the Italian innovations. Starting with superior fabrics, Cadini will later on sell garments and accessories through exclusive Cadini outlets and shop-in-shop.
With a current revenue of around Rs. 1550 crore, Siyaram expects to grow by 10-15 per cent annually, with Cadini expected to contribute around Rs. 100 crore in the next financial year.