Italian fashion label Versace Collection will launch its first brick and mortar store in India by the end of this year. The company has entered into a franchise agreement with OSL Luxury, which will be master franchise for the brand.
This is the second brand OSL Luxury is bringing into the country after menswear brand Corneliani SPA. OSL Luxury is a part of Orissa Stevedore Pvt Ltd.
“We have been in talks with the brand and concluded the deal last fortnight. The first mono brand Versace Collections store will come up in DLF’s upcoming luxury mall Emporio at Chanakyapuri,” Shailesh Grover, Business Head, OSL Luxury, told
OSL will be retailing Versace Collection’s prêt line which will be priced upwards of ₹8,000. Italian luxe label Versace manufactures and retails ready-to-wear and leather accessories. It has presence in India. Besides label line, Versace also offers other labels, including Versace Collection, Versus Versace and Versace Jeans.
Industry watchers opine that luxury brands are once again coming back to India due to the increase in purchasing power. Interestingly, these brands had pulled out or slowed down their expansion a couple of years ago.
Brands like Ferrari and Maison Montblanc and Alfred Dunhill have all made a comeback in the last six months. Existing luxe brands on the other hand are expanding their offerings to whip up the appetite of the consuming class.
An Assocham study said with increasing brand awareness and growing purchasing power of the upper class in tier-II and -III cities, Indian luxury market is expected to cross $18.3 billion by 2016 from the current $14.7 billion, growing at a CAGR of about 25 per cent.
Four stores Grover said that the company will be setting up four stores in key metros including Delhi, Mumbai and Bengaluru. The stores will be in the range of 2,200-2500 sq feet. It will retail products for both men and women. Grover said OSL Luxury is also in talks with other luxury brands to bring their products into the country. He did not specify the investment that the company is making into expanding the Versace Collection chains.
Asked if the company will rationalise price for the Indian market, Grover said, “No, we are not looking at a price cut. All the products will be imported and will be priced akin to what is available in Dubai or Singapore”.