NEW DELHI: Italian luxury bespoke clothing company Kiton plans to open at least two exclusive stores in India to tap the country’s booming market for super expensive menswear, a top executive said.
Kiton, which entered the Indian garment market last year through a master franchisee deal with Mumbai-based Regalia Luxury Clothing, is also considering incorporating a joint venture with a local partner. “We soon plan to open mono-brand stores in India as it is a great market to tap into,” Antonio De Matteis, CEO at Kiton, told ET, adding that, for long, rich Indians have shopped for the brand outside the country.
Kiton makes made-to-measure suits, jackets and shirts for Indian consumers. The cost of customised Kiton suits ranges from about.`3 lakh to as much as .`25 lakh. Pratik Dalmia, founder of Regalia Luxury, said the brand will target 250 individuals to begin with. “These people are rich, looking for quality suits and already have exposure to the brand,” Dalmia said. He said besides made-tomeasure, the company plans to launch retail stores.
“We are looking at a few spaces in Delhi and Mumbai to open at least two stores by the end of this year or 2015,” Dalmia said. “Talks are also on to convert the partnership into a joint venture,” he said. Global sales at Kiton rose 10% in 2013 over the previous year to 105 million (.`882 crore). The brand has 45 exclusive stores around the world. “Despite the recession, the brand’s sales have grown drastically in the last 4-5 years,” De Matteis said.
Founded in 1968, Kiton garments are made at the company’s factory in Naples, Italy. According to consultancy firm Technopak, the size of the luxury menswear market in India is close to .`150 crore a year. “As Indian economy moves up and becomes more international, Indian businessmen and senior executives have started spending more than ever on their business wardrobe,” said Arvind Singhal, chairman at Technopak.
Specialised menswear brands available in India include Burberry, Versace, Gucci, Armani and Canali. Singhal said besides office wear, the wedding market in India offers a good potential to these brands. “Even the brands are pushing themselves in the market and also taking initiatives like India-inspired designs, for example the Canali Bandgala jacket,” he said.