Italy-based fashion brands such as Moschino and Alberta Ferretti, Pollini and Gattinoni are looking for partners to foray into Indian luxury retail market.
The brands have signed agreements with Indian marketing firm Luxury Connect to explore ideal partners to expand their business in the country.
Brunello Cucinelli and Sergio Rossi are expected to join Scorpion Bay, which is prudently seeking a venture partner.
Although the Indian government has approved foreign direct investment (FDI) reforms with 100% ownership in single brand retail stream, the brands are seeking partners to smooth sail their operations in the new market.
Luxury Connect founder promoter and CEO Abhay Gupta told The Economic Times that the company has inked agreements to search potential partners to launch the Italian brands.
“This is because of ease of operations, market knowledge and political uncertainty around FDI,” added Gupta.
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By GlobalDataCommenting on the developments, Reliance Brands chief executive Darshan Mehta told the news paper: “We continue to add more brands to our portfolio and there is a scope for at least 50 new brands to come to India.”
According to industry estimates, the Indian luxury market will grow to $14.73bn in next two years, almost two-fold growth compared to estimates of $8.21bn for the current year.
Gucci, Salvatore Ferragamo, Versace, Armani, Ermenegildo Zegna, Tod’s and Boggi Milano are some of the luxury labels that are available in India through local partners.