US-based fashion and beauty retailer Victoria’s Secret has reportedly revealed plans for the opening of its first physical retail store in India.
The company has selected Mumbai as the location of the store, which is expected to open next month in partnership with local franchisee Major Brands, according to the Economic Times.
The 5,000ft² store will house three brand categories, namely Victoria’s Secret, Victoria’s Secret Beauty and Victoria’s Secret Pink.
The three brand categories will offer a lingerie range, perfumes and body care products and intimate wear and athleisurewear.
In addition to the Mumbai store, Victoria’s Secret will open a second store in Delhi, followed by another store in Bengaluru next year.
The company also plans open eight to ten exclusive stores over the next three to five years.
Last year, Victoria’s Secret’s online store for beauty products was launched in India. The company expects to launch its intimate wear range online in the country in the future.
The Economic Times quoted Major Brands India president Tushar Ved as saying: “Once the brand has enough offline retail presence across the country, it will focus on launching the category online, similar to its beauty online store.
“We expect that in India we can cater to a much larger market online because we are able to penetrate into tier one, two and three cities.”
Victoria’s Secret & Co (VS&Co) recently decided to cut around 160 of its management roles, or 5% of its home office staff, as part of a corporate reorganisation.
The move is part of the company’s simplified leadership structure, which is intended to help it carry out its strategy and drive long-term growth goals.
It came after Victoria’s Secret saw a 4.5% drop in net sales for the first quarter (Q1) of the fiscal year 2022 (FY22), declining from $1.554bn to $1.484bn year-on-year.