French luxury brand Longchamp is planning to open its second store in the country at Mumbai as it sees great potential in the Indian market after an overwhelming response in its first year, said a senior company official.
Longchamp, a brand known for its luggage, handbags, accessories, shoes and ready-to-wear collections entered India with an exclusive partnership with DOIT Retail Brands by launching its first store in New Delhi.
“The Indian luxury market has surely seen a boom in the recent years. With the entry of some of the world’s most prestigious and sought-after brands in the country, Indian consumers are well versed and exposed with this space.
We see India as a market with great potential and are sure that everyone will identify and love the brand,” Longchamp Artistic Director, Sophie Delafontaine was quoted as saying by a news agency IANS.
According to the Confederation of Indian Industry (CII) report, the rising awareness of middle class for global brand helped luxury market in India to grow by 25 per cent to $18.5 billion and Longchamp is looking to cash in on this segment for growth by adding another store in India.
“Longchamp has completed its first year in India and the journey has been phenomenal so far, the reactions we have received have been overwhelming and a driving force for our decision to open doors in Mumbai, the fashion capital of India,” added Delafontaine.
Longchamp owns more than 300 exclusive stores globally and retails from another 1,500 points of sale and has a workforce of around 3,000.
With slowdown in consumer spending in USA & European countries many luxury goods firms are including India in their global expansion plans for growth.
Leading luxury brands like Louis Vuitton, Gucci, Dior and Burberry already have a strong presence in the country and another luxury brand Saks Fifth Avenue is likely to enter the Indian market this year.