Ferragamo signs up in India
27/03/2008
Luxury brand Salvatore Ferragamo has signed a joint-venture agreement with India’s largest real estate company, DLF. The chief executive of the brand’s holding company, Leonardo Ferragamo said the details of the new deal would become clearer in the coming days.
Ferragamo has one store in India already, in Mumbai; it opened in March 2006. The company is reported to be planning to open five new stores in the next three years to claim a slice of the Indian luxury goods market, estimated to be worth $3.5 billion a year.
“We are looking to open stores in Delhi, Bangalore and adding another in Mumbai as it has proved to be a rewarding market. Depending on the response, we shall take it from there,” Lorenzo Ferragamo said.
The existing Ferragamo store in Mumbai is located in the Grand Hyatt hotel, but the new Mumbai site would probably be in a new mall that DLF is building there. The mall, the Emporio, is already being touted as a specialist outlet for luxury brands including Armani, Versace, Louis Vuitton, Dolce & Gabbana and Escada.
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