Mumbai, Dec 6 (PTI) Aditya Birla Fashion and Retail (ABFRL) on Wednesday announced a Rs 5 crore investment in an equal joint venture with French luxury shoe designer Christian Louboutin.

Both the partners plan to invest a total of Rs 10 crore into the JV, which will be a subsidiary of ABFRL, according to a spokesperson.

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The 1991-founded Christian Louboutin has a presence in 30 countries, and has a portfolio consisting of men's footwear, leather accessories, beauty and kids, and is known for its red sole shoes.

This joint venture envisages the transfer of the current Indian business into a newly incorporated subsidiary of ABFRL where the partners will hold an equal stake, the statement said.

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"We are excited to partner with ABFRL's team and look forward to working with them to manage and develop the business in India which is an extremely important market for us," Alexis Mourot, group chief executive officer of Christian Louboutin, said.

ABFRL's managing director Ashish Dikshit termed it as a "strategic alliance" with the iconic luxury footwear company which will help it deliver offerings to discerning customers and added that the move should be seen as one exemplifying its ambition to develop and shape the future of luxury market in the country.

Shares of ABFRL closed 1.14 per cent down at Rs 237.55 apiece on the BSE on Wednesday.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)