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Hidesign to expand overseas presence

Hidesign to expand overseas presence
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First Published: Mon, Aug 27 2007. 01 07 PM IST
Updated: Mon, Aug 27 2007. 01 07 PM IST
PTI
Bangalore: Leading Indian leather brand, Hidesign plans to open retail stores in the UK, New Zealand, Thailand and Turkey by December, to expand its overseas presence, the company’s CEO Kunal R Sachdev said.
The firm, which has its manufacturing unit in Pondicherry, is in dialogue with companies to set up outlets in the above mentioned countries and hopes to have them running by the year-end.
In the UK, its biggest overseas market where it serves customers through tie-ups with department stores and distribution channels, it’s looking to establish a flagship store, following its association with international fashion brand Louis Vuitton.
The company currently has 38 stores in India and 15 overseas, including Russia, China, South Africa and the Middle-East.
“We plan to increase the number of stores in India to about 60, and overseas to 43 or 44 over the next 18 months”, Sachdev said, adding that “we will open 15 more stores in China.
The company currently has design studios in Milan, London and Pondicherry and plans to open one in Hong Kong which will cater to the booming Chinese market.
According to Sachdev, the process of Louis Vuitton’s acquisition of around 20% stake in Hidesign is expected to be completed by December.
The two companies are also floating a 50:50 joint venture company to enable Louis Vuitton set up a manufacturing unit in Pondicherry to make its own brand of products.
Estimated investment for the proposed plant is expected to be over Rs30 crore, which would be shared equally by the two partners, Sachdev informed.
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First Published: Mon, Aug 27 2007. 01 07 PM IST