Florence, Italy  - Italian luxury goods and fashion company Salvatore Ferragamo announced Monday it will open three new stores in India as part of a deal with Indian real estate group, DLF.

The stores in Delhi, Mumbai and Bangalore will be inaugurated by the end of 2008, adding to Salvatore Ferragamo's presence in India where the Italian company already has a store in Mumbai's Grand Hyatt Plaza Hotel.

The deal, the value of which was not disclosed, takes the form of a joint venture with a 51 per cent participation by the Florence-based Salvatore Ferragamo and 49 per cent by DLF.

In addition, the opening of 10 news Salvatore Ferragamo stores is envisaged by 2013 in "the most strategic areas of the country," the Italian company said.

The deal "can contribute to a further affirmation of our brand in... India, a fascinating country and rich of extraordinary opportunity," Salvatore Ferragamo CEO, Michele Norsa said.

"DLF has been involved in developing important projects for the establishment of big brands in India, a market that appreciates high quality products," DLF Director Pia Singh said.

DLF is developing a series of luxury shopping malls in India with spaces to host luxury brands, and is "confident of the success" it can achieve with Salvatore Ferragamo, Singh said.

Salvatore Ferragamo whose products include shoes and handbags favoured by Hollywood stars, is celebrating the 80th anniversary of its founding this year.

The company which reported strong financial results for 2007 - with net profits rising 34.2 per cent to 47.1 million euros (73.3 million dollars) - has said it is planning to list on the stock exchange in 2008. (dpa)