New Delhi:British luxury men’s footwear and accessories brand Harrys of London is entering India.
The designer leather brand is planning to open its first outlet in Delhi, followed by Mumbai by early 2018, a top executive at the company said.
Founded in 2001, Harrys of London is present in more than 20 countries. The company is looking for franchise partners in India.
“India is an important market for us. Our target group is businessmen and travellers between the age group of 25 and 60 years. Our collection ranges from contemporary London and formal footwear to sneakers and casual footwear," said Steven Newey, chief executive officer at Harrys of London.
Apart from footwear, the company also sells travel bags, wallets, shoe-care products, scarves and belts.
Over the next five years, Harrys of London is planning to open five to six stores in India and is expecting to earn 1 million pounds per store. “We have been growing at an annual rate of 20-25%. We sell 25 pairs of footwear every month, on an average. In five years, India (operations)will be able to earn 5-6 million pounds," said Newey, without divulging the overall revenue of the company.
A typical Harrys’ store in India will be spread over 1000 square feet. The company also sells its products online through its own e-commerce platform www.harrysoflondon.com.
Harrys footwear is designed in the UK and manufactured in Italy. Going forward, Harrys is also planning to enter New York by the end of this year.
The branded footwear market in India is currently estimated at ₹ 20,000 crore, 60% of which is men’s segment, according to data from consulting firm KPMG.
While the branded market is currently dominated by old footwear brands like Relaxo, Liberty and Bata, much of the footwear segment in India is unorganized. However, with the increasing disposable income and brand awareness, there has been a shift towards the branded footwear space. At present, the men’s footwear segment is growing at a rate of 10%, while the women’s category is growing at 20%, according to KPMG.