Comments
Reliance Brands Ltd has entered into an exclusive long-term licence agreement with Nasdaq-listed footwear and accessories firm Steven Madden.
This is the sixth brand to come under the Reliance Brands umbrella with the company looking to make a retail splash across formats like apparels, sports lifestyle and footwear categories.
“Steve Madden products will be available through exclusive mono-brand stores and premium department stores in all major cities across India,” Mr Darshan Mehta, President and CEO, Reliance Brands, told Business Line . Most international brands wanting make an inroad into India are opting a licensing or joint venture agreement. Players such as DLF Brands, Reliance Brands and Tata have opted for a series of tie-ups with international brands.
Reliance Brands will set up the maiden Steve Madden store by the last quarter of 2011, he said.
Pricing
Speaking on its price positioning, Mr Mehta said that “Steve Madden will bridge the gap between the luxury and premium brands in terms of its pricing. We will be largely filling up the gap. Our product pricing has been kept in between to attract footfall.”
The company will be retailing brands such as Steven, Steve Madden, Madden Girl in India and these will be primarily be targeted at women consumers. The prices will range from Rs 2500-Rs 9,000. “We will have over 3,000 stock keeping units to begin with,” he said, adding the target consumer will be in the 16-40 age group.
Sourcing
Asked if Steve Madden sources from India, Mr Mehta said, “They do in single digits. They are talking to us to find good quality suppliers to source out of India”.
Mr Edward Rosenfeld, CEO, Steve Madden, said, “India and its diverse consumer base is a very important and strategic market for us. Our association with Reliance Brands culminates a long cherished goal of entering this unique market and marks the beginning of a long-term association with the trend conscious Indian consumers.”
At present, the Steve Madden brand is sold in 170 Steve Madden retail stores (including the Company's online store), department stores and specialty stores across 47 countries worldwide.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.