Ferragamo teams up with DLF for India expansion

MILAN, May 19 (Reuters) - Italian luxury goods company Salvatore Ferragamo has teamed up with Indian real estate firm DLF Ltd (DLF.BO) to expand its presence in India, Ferragamo said on Monday.

Ferragamo, best known for its scarves, ties and leather shoes and bags, said in a statement it planned to open 10 stores in India in the next five years. It will open three stores in New Delhi, Mumbai and Bangalore this year.

Florence-based Ferragamo, which already has a store in Mumbai, will have 51 percent of the joint venture and DLF 49 percent.

"In India, a fascinating country and rich with extraordinary opportunity, Ferragamo ... intends to strengthen and increase its presence through direct retail in an important way," Ferragamo Chief Executive Michele Norsa said in the statement.

Luxury brands are stepping up their presence in India to tap into rising incomes in Asia's third-largest economy.