Chennai-based Naru Exports has acquired a major share in Italy's CIAO World SRL, a garment retail company.
According to Naru's Managing Director Devendra Bajaj, the company has acquired 90 per cent share in the Italian company at a cost of Rs. 35 crore.
Naru will be the 100 per cent sourcing agent for CIAO till the end of December this year and from January 1, 2011, it will take over the operations of CIAO.
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CIAO has 100 retail outlets in Italy and Switzerland and has three garment labels. It sells textile products for men, women and children. It was sourcing its garment needs from Bangladesh, China, Sri Lanka, India and Indonesia so far. Naru Exports has garment facility in Tirupur, and weaving and denim garment units in Chennai. It plans to have its retails outlets in India by 2012. It is also planning for a tie-up with the Italian brand Irge.