Luxury men’s footwear and accessories brand Harrys of London has plans to enter India.
Its first outlet will be in Delhi, followed by Mumbai early next year, reports Live Mint.
Founded in 2001 and with stores in more than 20 countries, Harrys of London is seeking franchise partners in India.
“India is an important market for us with our target group being businessmen and travellers between 25 and 60 years old,” says CEO Steven Newey. “Our collection ranges from contemporary London and formal footwear to sneakers.”
The company also sells travel bags, wallets, shoe-care products, scarves and belts.
Harrys plans to open five to six stores in India over the next five years and expects to earn £1 million (US$1.3 million) a store.
“We have been growing at an annual rate of 20 to 25 per cent, and we sell 25 pairs of footwear every month, on average,” says Newey. “In five years, our India stores will be able to earn five to six million pounds.”
The company, which has its own e-commerce platform, has its footwear manufactured in Italy.
About 60 per cent of India’s branded footwear market is for men, according to KPMG figures.
While the branded market is dominated by old brands like Bata, Liberty and Relaxo, much of the segment is unorganised.
Meanwhile, with increasing disposable income and brand awareness, the men’s footwear segment is growing at a rate of 10 per cent while the women’s category is growing at 20 per cent, says KPMG.