Italian fashion brands gearing up for India entry

A bunch of Italian fashion brands are gearing up to

enter India, to cash in on the opportunities being thrown open by the luxury market in the country. According to Luxury Connect, a Delhi-based marketing firm that works exclusively with luxury brands, fashion houses Moschino and Alberta Ferretti, Pollini, Gattinoni, Byblos and Scorpion Bay have signed up their entry strategy and partner search operations.

Apart from these brands, two more labels Brunello Cucinelli and Sergio Rossi are also scouting for a partner in India and are already in talks with possible alliances. According to industry estimates India's luxury market is expected to touch 14.73 billion dollars (Rs 78,633 crores) by 2015, up from an estimated 8.21 billion dollars (Rs 43,749 crores) this year.

Several foreign fashion brands, including Gucci, Salvatore Ferragamo, Versace, Armani, Ermenegildo Zegna, Tod’s and Boggi Milano are already present in India and sell their products through local partnerships. India recently allowed 100 percent FDI in single-brand retail and 51 percent in multi-brand retail, but with a rider that 30 percent of sourcing should be done locally, which has been a major obstacle for many brands wanting to enter the country.