BackHidesign to set up a joint venture with Italy’s Braccialini
Hidesign to set up a joint venture with Italy’s Braccialini
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New Delhi: Pondicherry-based leather bags and accessories maker Hidesign will soon announce a joint venture with Italy’s Braccialini to launch the brand in India.
As part of the proposed JV, Hidesign will also set up a new production line at one of its manufacturing units to make Braccialini bags and other leather items.
“Talks are at an advanced stage to form a joint venture with Braccialini. There are some legal issues pending post which we will launch the brand in India," Hidesign president Dilip Kapur told PTI.
He said the Italian brand will complement Hidesign’s product portfolio.
“The brand is complementary to Hidesign. Braccialini products are very colourful...We will also set up a production line to make Braccialini items in India," Kapur said without specifying the timeline.
The company currently has four manufacturing sites located at Baddi in Himachal Pradesh and down South. Founded in 1954, brand Braccialini is present in 40 countries with around 43 monobrand stores.
Kapur said the company is open to new business partnerships and joint ventures.
It will soon launch a new collection designed in collaboration with Italian designer Alberto Ciaschini at the existing Hidesign stores. “We also plan to open exclusive Alberto Ciaschini stores," Kapur said.
Hidesign already has a joint venture with Kishore Biyani -led Future Group to make bags and accessories under Holii brand.
Besides expanding the brand portfolio, Hidesign also has an aggressive retail expansion plan in place.
In the international market, the company is working towards having a more direct presence.
“In the US and European markets we have been primarily working through distributors in the past. But now we want to change the way we work there, so we are looking to establish direct presence," he said.
The growth markets however in future will be Asia and Africa.
“We are setting up and expanding retail reach in countries like Nepal, Bangladesh, Bhutan, Maldives and Sri Lanka by opening exclusive outlets," Kapur said.
He said the company is also preparing to set up an office in Kenya this year. “Markets like Asia, Africa along with Australia and South Africa will be growth markets for the company," he added.
International markets currently contribute about 40% to Hidesign’s total turnover of ₹ 110 crore, he added.
In India, it currently operates 63 company-owned exclusive retail stores and Hidesign products are also sold at about 65 shop-in-shops at multi-brand retail stores.
“In the next 18 months we have a plan to have a total of 100 exclusive stores. One store costs around ₹ 40-50 lakh," he added.
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