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| Market for luxury and premium brands in India is estimated at about Rs 6,000-7,000 crore |
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International luxury apparel retailers are trying to enter the market of India with affordable luxury apparel products targeting value-conscious consumers.
Indian retail chain major, Shoppers Stop, is set to launch Playboy brand of unisex wear, and a textile conglomerate, S Kumars group, has decided to bring in three international brands by the end of this fiscal year (i.e. the first quarter of 2010).
Some luxury international apparel brands witnessed sluggish demand in the country last year. The distribution of Jimmy Choo and Bottega Veneta changed hands from the Murjanis Group to other local distributors.
Some overseas apparel brands now try to work with Indian retailers, who have a good understanding of the local market. A variety of business models are possible, including franchise, according to Rahul Mehta, president of the Clothing Manufacturers Association in India.
According to industry analysts, the market for luxury and premium brands in India is estimated at about Rs 6,000-7,000 crore and growing at about 25-30% a year.
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