New Delhi: Fashion retailer Tommy Hilfiger India is charting its second phase of expansion with a slew of new stores even as it is extending its footprint to tier-II and tier-III cities in the country. Backed by a healthy appetite for luxury brands in the country, the company is poised to clock a turnover of Rs 100 crore this fiscal.
There is immense appetite for luxury brands in India. The market is exploding. We are currently in the second phase of expansion and will be having 23 points of sale by the end of this fiscal,” Shailesh Chaturvedi, CEO, Tommy Hilfiger India, told Business Line.
The company said it hopes to become a pan-India luxury brand by 2010. The new stores from its stable will come up in the tier-II cities such as Ahmedabad, Pune and Ludhiana. “There is a tremendous growth coming from these cities and it is imperative for us to have a presence there,” he added.
The apparel and accessories brand said the new stores will be a combination of both mono-brand and concessionaire (shop-in-shop type arrangement) outlets. While apparel contributes to the chunk of revenue, accessories such as watches and bags too are much in demand, he said adding the company is also looking to scale up its product line.On the challenges, Chaturvedi said lack of availability of quality retail space and high duty on imported apparels and goods are bottlenecks in the growth of the sector.