Luxury brands eye India

The year 2010 will see many top luxury brands from the US and Europe set up shop in India.

Zara Basics and US men’s casual and sportswear brand Izod will be the first to enter India with their sales starting mid 2010.
Other brands, eyeing India’s fast growing fashion market are -- French label Nina Ricci, Carolina Herrera (US), French shoemaker Christian Louboutin and Italy’s Max Mara. At present, India’s luxury goods market is growing at around 25 per cent per annum. According to Arvind Singhal, chairman, Technopak, western brands are eyeing India for two reasons. First, India has the fastest-growing population of millionaires in the world. Second, high-end consumer spending has been rising here. Perhaps that is why top brands like Miu Miu for women’s wear and French brand Yves Saint Laurent now want to step into the country.
Zara Basics has firmed up its India plans with a JV with the Tata Group subsidiary Trent Ltd. It’s planning to set up single brand retail stores of garments, footwear, accessories, fragrances and cosmetics products for women, men and children under the brand name Zara and associated sub-brands of Zara Basic like Zara Woman, Trafaluc, Textures Zara and TRF.
Similarly, Izod will be launched in the first quarter of the financial year 2010-11. It’s being brought to India by Arvind Brands, a division of Arvind Mills. The plan is to open flagship stores of Izod.