Armani, India's DLF in retail joint venture - report

MUMBAI/MILAN (Reuters) - Italian designer Giorgio Armani's firm has signed a joint venture with India's most valuable real estate firm, DLF Ltd, the Economic Times said on Tuesday, citing an application made to the Foreign Investment Promotion Board.

A spokesperson for Giorgio Armani SpA confirmed contacts between the fashion house and various Indian partners, including DLF, but said it was too early to say anything on the outcome of the talks.

The Indian newspaper said Giorgio Armani Holding BV, a wholly-owned subsidiary of the Italian firm, would take 51 percent of the venture, the maximum allowed for a single-brand foreign retailer in India.

Armani will bring 10 million rupees ($250,000) to the venture, which would "also act as a wholesaling firm supplying Armani-branded products to other independent retailers", it said.

The first Armani stores would be set up in New Delhi, it said.

A spokesman for DLF declined comment.

In December, the Foreign Investment Promotion Board approved an investment of 365 million rupees by Dolce & Gabbana in a 51:49 joint venture with DLF.

Luxury fashion brands are stepping up their presence in India to tap rising incomes in Asia's third-largest economy.