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March 18, 2014
British Luxury Shoemaker Harrys To Open Shops In Mumbai, Delhi, Bangalore
MUMBAI: British luxurious shoemaker Harrys of London, which shot into fame in 2002 when 30 Hollywood celebrities, including John Travolta and Denzel Washington, wore its shoes to the Oscars, plans to enter India early subsequent 12 months.
It plans to open a retailer each in Mumbai, Delhi and Bangalore in the first part, an official stated.
“The rationale why we choose India is expounded to tradition, people salvatore ferragamo long purse and context. We often look at prospects greater than we look at markets,” Giuseppe Bonfiglio, CEO of Harrys of London, said.
He said the decision to enter the country is “more connected to relation than it’s to a rational, although the 1% luxurious shopper from 1.3 billion people is 13 million excessive net price individuals”.
Harrys of London already has a number of Indian prospects who they serve in the UK and Middle East stores.
Several prime luxury manufacturers including Hermes, Montblanc, Bottega Veneta and Salvatore Ferragamo have already entered the country the place consulting firm Technopak expects the luxurious market to grow two-and-ahalf times its current measurement to $6.8 billion, or about Rs 40,000 crore by 2015.
Based in 2001, Harrys of London sells footwear for anyplace between £295 and £2,415 (Rs 26,000 and Rs lakh) per pair. The company is majority owned by Atelier Fund, a division of world’s third largest luxurious home Richemont Group. The British agency is now scouting for a partner who can convey native expertise.
Franchise India, a retail solution supplier, is helping it discover a companion and get regulatory clearances. Franchise India has helped enlargement of several multinationals including Chicago Pizza, San Churro Amore Gourmet and Gelato in the nation.
“India is in distinction to other markets such because the UK and the US the place luxurious market is driven by girls customers. In India, males control more than sixty five% of the market and bags and sneakers kind a large part of it,” Gaurav Marya, chairman of Franchise India, mentioned.
Harrys of London’s Indian ambition comes at a time when shoppers across revenue groups have become more cautious about spending attributable to a weakening economic system, though consumer slowdown is much less pronounced within the luxurious phase.
However the shoemaker is confident. “Because we’re a younger top quality brand, we now have the pliability that other bigger manufacturers/conglomerate do not have,” Bonfiglio stated, adding that merchandise that have a excessive value for money ratio will always get pleasure from a bonus, notably throughout disaster time.
The luxury management veteran who joined Harrys of London in 2009 was with Lambertson Truex the place he managed the sale of the corporate to Tiffany & Co. Harrys of London currently sells in over 20 Salvatore_Accardo international locations. In addition to flagship stores, it is bought at men’s luxury malls and speciality retail outlets.