Premium global brands roll out India specific products
By FashionUnited
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Indian
Keeping faith in the studies that are harping on how increasing disposable incomes in the country coupled with growth in brand consciousness in the Tier II, III cities will boost luxury shopping, high-end foreign labels are launching collections in India. For instance, Tom Ford recently launched diamond-studded cufflinks priced at Rs 5 lakh. Last year, the brand had launched the bandhgala jacket, exclusively for India, priced at over Rs 2 lakh.
Brands are also trying to offer low-priced range in the country. Like French fashion wear Elle, represented by apparel maker Arvind Brands, recently launched women’s wear at ‘Indian prices’ after its entry in April this year. German apparel brand s.Oliver too is planning to introduce low-priced products in India. Accessories seem to be driving the luxury retail market more than clothing. As Arvind K Singhal, Chairman of Technopak Advisors opines, “In the West, clothing forms a large part of luxury sales but luxury clothing is negligible in India. In India, we don’t have formal gowns and dresses because for Indian weddings, we have Indian style clothes. In this market, a Chanel or a Dior can’t get in. However, accessories market including luxury watches, bags, eyewear, jewelry are growing phenomenally.”
No wonder then global big names like Zara, Canali and Louis Vuitton have already established their footprint in India with local partners. And with the domestic luxury segment showing a potential of 20 per cent growth per annum and the government allowing 100 per cent FDI in single brand retail, other luxury giants such as Christian Louboutin, Abercrombie, Arcadia, Hennes and Mauritz, Prada and GAP are in working out plans to launch their India stores.
There are more global names in the luxury segment eyeing to enter India since the scenario is positive for them compared to developed economies of the world. DLF Emporio, for example is in talks with seven to eight international luxury brands that plan to foray into the country soon.