Italian fashion house ‘Valentino’ is set to enter India, joining a growing list of luxury brands that have set up shop in the country to tap buoyant consumer sentiment after a slowdown in the Chinese economy.
Valentino is tying up with IDFS Trading and also in talks with IDFS for its retail presence here. Over the past few month, brands like, French luxury leather goods maker longChamp, Italian bespoke menswear brand Isaia and Swiss watch brand Bovet have been launch in India.
“The slowdown in china, better economic growth and retail facilities in India and the possibilities of an Omni channel strategy are some of the factors leading these brands to launch in India, Arbind Singhal, chairman, Technopak adviser said.”
Euromonitor International estimates that the India luxury good market will touch Rs. 39,000 crore by 2020 from Rs. 16,300 crore in 2015, with an annual growth of 19 per cent.
Nikhil Mehra, chief executive officer of Genesis Group, which retails brands like Burberry and Jimmy Choo in India, said after the meltdown in China and with no clearly visible upsurge of luxury consumption in the Western markets, India is the next most sought after destination.