Harrys of London looking to India foray

British luxury men’s footwear and accessories brand Harrys of London is looking to open its first outlet in Delhi, followed by Mumbai by early 2018. Founded in 2001, Harrys of London is present in more than 20 countries. The company is looking for franchise partners in India. The target group is businessmen and travelers between 25 and 60 years. The collection ranges from contemporary London and formal footwear to sneakers and casual footwear.

Apart from footwear, the company also sells travel bags, wallets, shoe-care products, scarves and belts. Over the next five years, Harrys of London is planning to open five to six stores in India and is expecting to earn £1 million per store. The company has been growing at an annual rate of 20-25 per cent. In five years, India (operations) will be able to earn £5-6 million. Besides UK and Italy, it is also planning to enter New York by end of 2017.

As per KPMG the branded footwear market in India is currently estimated at Rs 20,000 crore, 60 per cent of which is men’s segment. While the branded market is currently dominated by old footwear brands like Relaxo, Liberty and Bata, much of the footwear segment in India is unorganized. However, with increasing disposable income and brand awareness, there has been a shift towards the branded footwear space. At present, the men’s footwear segment is growing at 10 per cent, while the women’s category is growing at 20 per cent.