Hidesign to focus on India-specific products1 min read . Updated: 23 Aug 2009, 11:19 AM IST
Hidesign to focus on India-specific products
New Delhi: Feeling the heat of recession in developed countries, premium leather accessories maker Hidesign is focusing on India and other emerging markets to grow business, and will soon introduce products specifically for the country.
The company, which has tied up with Kishore Biyani-led Future Group, said it will roll out its latest and the first India-specific brand — Holii — in all the major cities by next month. It expects to clock sales of Rs25 crore within two years from the new brand.
Besides developing the Holii brand, the company has tied up with fashion designer Rohit Bal for another collection, which will also be launched by next month.
“Our sales in the US, the UK and Russia have gone down by 10-15% as these countries are witnessing degrowth in their economies. Interestingly, countries like India, Vietnam, Malaysia and Indonesia are doing well and have lot of potential," Hidesign President Dilip Kapur said.
He said the company has been growing at 30% in India over the last few years and expects to maintain it this fiscal as well.
“Our new brand is completely a new concept and is very Indian in terms of its designs. We will be working closely with the Future Group, where they will provide expertise in retail and operations while we will be associated with brand building and design," Kapur said.
As part of the agreement, Hidesign will sell its new range of products in Future Group’s Pantaloon stores across all the major cities in the country.
The company will be introducing the new range in around 30 shop-in-shops, including Pantaloon and Shopper’s Stop in Bombay and Kolkata in the next two-three months, in addition to its exclusive stores.
Hidesign plans to have a total of 12 exclusive stores in this fiscal, of which 8 are already operational. “We have already opened eight exclusive stores and will open 4 in the coming months," he said.
Talking about the Rohit Bal collection, Kapur said, “The design will be Indian and will be out in the market by next month. This is the first time an Indian designer’s collection of our range will be sold in all the big cities outside India like Milan, New York." He did not divulge the name of this brand.
Based in Pondicherry, Hidesign operates 48 stores in India and is currently present in 23 countries.