Hidesign bucks slowdown with handbag sales
Handbag sales are working well for Hidesign, a Puducherry-based manufacturer of leather bags, despite a numbing slowdown that has manufacturers on their knees. Himani Chandna Gurtoo reports.business Updated: Sep 17, 2013 03:26 IST
Maybe it is retail therapy that is doing the trick — or a global presence. Handbag sales are working well for Hidesign, a Puducherry-based manufacturer of leather bags, despite a numbing slowdown that has manufacturers on their knees. Never mind the downturn, its expensive accessories are flying off the shelves.
Hidesign operates stores in several countries and has posted its highest sales growth this year.
“We have grown over 35% this year against the average growth of 20%,” said Dilip Kapur, president of Hidesign, which sells more than 40,000 bags per month. The cost of a Hidesign bag could set you back by anything between `4000 and `25,000 in India.
Considering its robust sales, Hidesign is planning to roll out 20 stores every year with an aim to quadruple its turnover by 2018. “We aim to reach the turnover of `600 crore over the next five years against `150 crore today,” Kapur said.
Hidesign, which recently started selling sunglasses, is set to add another category to its repertoire. Its stores would soon flaunt leather footwear as company already knows how to craft good leather.
In line with its expansion plans, the company is on course to set up its fifth manufacturing facility in Assam to produce around 15,000 handbags per month.
More: Fashion Note