Several Italian brands, including Moschino, Alberta Ferretti, Byblos and Scorpian Bay, are stitching up plans to enter the Indian luxury market by collaborating with local companies.
In a conversation with fibre2fashion, operations manager-Luxury Connect, Mr. Akshay Gupta said, “Several Italian brands such as Moschino, Alberta Ferretti, Byblos and Scorpian Bay are planning to enter the Indian luxury market.”
“We are providing consultancy services to these companies in searching potential partners in India and also developing entry strategy to the country’s luxury market,” he informs.
Talking about the Indian luxury market, he says, “According to industrial estimates, India’s luxury market is expected to touch US$ 14.73 billion by 2015 from an estimated US$ 8.21 billion in 2012.”
“With an ease in foreign direct investment (FDI) norms, many companies are now planning to enter Indian luxury market,” he adds.
According to him, India being one of the fastest growing economies is also a reason for many international brands planning to enter the Indian market.