Michael Kors plans to add more India outlets2 min read . Updated: 06 Aug 2014, 02:44 PM IST
The firm currently has four outlets across India, in Delhi, Mumbai, Kolkata and Bangalore
New Delhi: Luxury goods maker Michael Kors Holdings Ltd plans to add to the four outlets it has opened in less than a year after entering India, seeking to tap a niche but growing market for highly priced fashion accessories.
The label is now present in Delhi, Mumbai, Kolkata and Bangalore where “the response has been excellent", said Sanjay Kapoor, managing director of New Delhi-based Genesis Luxury Fashion Pvt. Ltd, the franchisee partner for Michael Kors, famous for its monochrome bags, watches and footwear for women.
More stores are being planned for opening in the current fiscal year as the label seeks to tap a market for luxury goods that grew 30% to reach 8.5 billion in sales last year, according to a study by consulting firm KPMG and the Associated Chamber of Commerce and Industry, or Assocham. The luxury sector includes products such as apparel, accessories, home decor, pens, watches, wines and spirits.
“The Indian consumer is well versed with the brand," said Kapoor.
Only the rich can afford the label although it is priced at a slight discount to most luxury brands; at its stores in India, the average shopper ends up spending as much as ₹ 20,000-30,000.
Last year, on a trip to Athens, 47-year-old advertising professional Suparna Mucadam, picked a Michael Kors bag and has been to the store in her city, Kolkata, since it opened a few months ago. Mucadam who constantly updates herself with the latest fashion trends, says Kors is definitely a brand to be “seen around with".
“As people travel more they want what the world has to offer in terms of latest trends etc," said R. Satyajit, chief operating officer-international brands and new businesses, Madura Fashion and Lifestyle.
Mall owners, according to Kapoor, have been keen to get Michael Kors as a tenant. The brand seems to have caught up with other luxury brands in terms of demand and footfall.
“There’s always a level of saturation you reach with existing brands and then someone new comes in and there’s a spike in demand," said Dinaz Madhukar, who heads India’s first luxury mall, DLF Emporio, in New Delhi.
Kors opened its first store in Emporio in August last year to long queues of women waiting outside the store get a peek at the brand’s latest collection.
“The momentum has only grown since then," said Kapoor.
On 4 August, Michael Kors said global first-quarter sales rose 43% as it took market share from established rivals, according to Bloomberg. Revenue advanced to $919.2 million (around ₹ 5,630 crore) in the quarter ended 28 June, according to the Hong Kong-based company.