India’s major luxury retailers turn to more affordable brands
The sluggish development of India’s luxury market has prompted India luxury retailers to turn to democratic luxury (more affordable brands) which require less initial investment (store fitting) and can be more profitable in the short term. Genesis Luxury opened the first store of democratic luxury brand Furla in Mumbai this September, the company being already the partner of luxury labels such as Armani, Jimmy Choo and Burberry in India.
Reliance Brands, which retails luxury brands like Paul & Shark and Zegna has added to its portfolio Thomas Pink, American men’s clothing chain Brooks Brothers and footwear brand Stuart Weitzman. The company already sells Diesel products at 12 single-brand stores.
J Suresh, managing director and CEO of Arvind Lifestyle Brands told ET hiscompany plans to invest 25 crore in retail expansion of its bridge-to-luxury brands. “We expect Gant and Nautica to become 100-crore brands by 2015-16.