Gucci plans to increase India presence
World's leading luxury goods maker Gucci is looking to multiply its presence in the country by 2010, as it plans to develop India as a key global market.business Updated: Mar 30, 2008 15:36 IST
World's leading luxury goods maker Gucci is looking to multiply its presence in the country by 2010, as it plans to develop India as a key global market.
The company had forayed into India late last year and now has two stores in the country. Gucci will end the year with four stores and in three years it may double the number, a top official of the company said.
"We are quiet interested in India, which is an emerging market with a gifting culture and lot of awareness among the customers who are sophisticated. Step by step we intend to build India as a key market. By 2008-end, Gucci will have four stores in India," Gucci CEO Mark Lee said.
He said besides the two existing outlets - one each in Mumbai and Delhi - the company in partnership with the Mumbai-based Murjani Group will open a third store in Delhi and the fourth one in Bangalore this year.
Murjani Group, the master franchisee of Gucci in India, will be opening the other two stores here. "The plan is to double the number of stores that we will be having in 2008," Murjani Group Chairman Mohun Murjani told PTI.
Asked about the investments, Murjani said, without giving specific details, that "there is a substantial amount of investment which has already gone and will be made in future, but will be less than a hundred million dollar."
He said by 2010, there will be at least 8 Gucci outlets housing men's and women's collections of ready-to-wear, handbags, shoes, watches, sunglasses, jewellery, small leather goods, gifting items and other accessories in major metros.
"Also we will look to expand in cities like Kolkata, Chennai and Hyderabad," he said.