Financial Daily from THE HINDU group of publications
Saturday, Apr 08, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 08, 2006 |
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Marketing
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Brands Industry & Economy - Foreign Direct Investment German fashion brand Hugo Boss upbeat about Indian market Our Bureau
Bangalore , April 7 The Government's decision to allow FDI in single brand retail has not changed German fashion brand Hugo Boss' plans of entering through a franchise route in India. Ms Stephanie Means, Director of Marketing, Hugo Boss Hong Kong Ltd, says, "We are still building our image here and it would be better to go through the franchise route." Ms Means told Business Line that the company was in the process of opening its first fully owned store in Shanghai, but "India is a different market and are not near enough to the consumer here yet". However, Hugo Boss, which opened its fourth retail store in the country in Bangalore, is upbeat about its growing presence in the country. Bin Hendi Enterprises, a Dubai-based food and fashion retail company, is franchising Hugo Boss merchandise in the country through three stores in Delhi and Mumbai. Mr Tanveer Ahmed, Vice-President, Finance, Bin Hendi Enterprises, said that upmarket luxurious brands were doing well in the country. Boss' Delhi stores recorded sales worth Rs 10 crore in 2005 and the Mumbai store around Rs 7 crore and "we are expecting the same kind of response in Bangalore", according to Mr Ahmed. Chennai and Hyderabad are next in the expansion list, he said. In the last two years since its entry into the country, Hugo Boss has brought two premium lines to the country: Boss Black and Boss Orange. Both these collections are available in the Bangalore store, Mr Ahmed said.
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