Luxury fashion and lifestyle brands Dolce & Gabbana, Stella McCartney and Alexander McQueen are in talks to form joint ventures in India to sell their clothing, bags and shoes through exclusive stores. “Dolce & Gabbana, Stella McCartney and Alexander McQueen want to have standalone stores in India and we are in talks with them to form joint ventures as these brands have cult following,” Priya Sachdev, creative director of TSG International Marketing that operates multi-brand stores chain Kitsch, said. Kitsch is the exclusive distributor of all the three luxury brands in India.
“As consumer demand grows here, they want to have mono-brand stores for bigger presence, business and visibility,” said Sachdev, a modelturned-entrepreneur who recently introduced Italian label Dolce & Gabanna in India with her sister Charu Sachdev. “We have been giving them good business.” Sachdev, however, clarified that the joint venture talks with the three brands at a preliminary stage. Italian designers Domenico Dolce and Stefano Gabbana started Dolce & Gabanna in 1985, while British designer Lee McQueen launched Alexander McQueen in 1992. Another British designer Stella McCartney, who does not use any leather or fur in her designs, launched her own fashion house in 2001.
Today, PPR Group owns Stella McCartney brand and owns 51 % in Alexander McQueen. The Indian luxury market is thriving. It is projected to reach $14.7 billion (Rs 81,423 crore) in 2015 from $5.8 billion (Rs 32,126 crore) in 2011, according to a CII-AT Kearney report on Indian Luxury. Analysts say there is an opportunity for international luxury companies to tap India’s potential. “The market is growing steadily and many brands want to have bigger businesses here,” Arvind Singhal, chairman of consulting firm Technopak Advisors, said. “Unfortunately, in India there are very few multi-brand luxury formats,” he added.
Meanwhile, TSG International Marketing plans to open two outlets by next year. Started in 2005, Kitsch currently has three outlets in Delhi, Mumbai and Pune. “By the end of this year we will have another store in Hyderabad and one more in Chennai by next year,” Sachdev said. “We are also planning to bring more brands,” she added. Besides Dolce & Gabbana, Stella McCartney and Alexander McQueen, Kitsch’s portfolio also includes YSL, Diane Von Furstenberg, Halston Heritage, Lanvin, Celine, MCQ, Herve Leger and Catherine Malandrino.
News source: Economic Times