Despite the hesitancy of corporations to commit to new investments in times of economic fragility, some companies are seeing the financial slump as an opportunity to start new ventures while costs are low.
One such company is Italian apparel brand Oviesse, which recently signed a joint venture agreement with Indian textile major Brandhouse Retails to open 190 stores in India with an investment of Rs1.6 billion (US$33 million).
Brandhouse will initially hold a 62.5% stake in the venture, with Oviesse owning the remainder. Oviesse is part of Gruppo Coin, which operates fashion department stores in Italy under the brand name COIN.
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