L Capital Asia, Groupe Arnault In Fashion JV with Genesis Luxury Fashion

New Delhi: In a move that underlines the growing global appeal for Indian apparel, L Capital Asia, the private equity arm of the world's largest luxury conglomerate LVMH Group, and Groupe Arnault is forming a 50:50 joint venture with Genesis Luxury Fashion to showcase ethnic haute couture. The companies together are in talks to invest about Rs 80 crore initially, a person with direct knowledge of the development, told ET. "While L Capital Asia will bring in its knowledge and help create a multibrand system, Genesis will focus on retail distribution and infrastructure," the person said.