When 22.214.171.124/~fashions/ posted as early as on the 4th of October, 2013 that L-Capital that has 40% stake in Genesis Luxury is planning to exit, the news was vehemently denied by Genesis Luxury. You can read the post here: http://www.fashionscandal.com//?p=15030
Now the story on L-Capital snapping ties with Genesis Luxury proves itself as news of Genesis and Sahara Group’s talk last week floated in. Sahara Group wants to foray into Luxury Business and has had talks with Genesis Luxury, which valued its business at Rs. 400 crores. The second factor that proves the strained ties between Genesis Luxury and L-Capital is the fact that LVMH has moved the Sephora business to DLF Retail from Genesis Luxury.
But I only wish that the Genesis tying-up with Sahara Group is a wise decision on Sanjay Kapoor’s part. Sahara Group has lots of skeletons in their closet and their business dealings are rarely professional. There are rumours that Subrata Roy and his family will settle abroad and run their empire from outside India. Yes Sahara Group is in an investing spree. They are getting into Defence business with Pipavav, looking to foray into Casino business and Cruise Liners based out of Macedonia and yes, Luxury Retail too is in the plans.