The Hindu Business Line : Madura Garments looking at `affordable' luxury clothing market

Despite the stock market being in the doldrums and the all round gloom, Mr George M. Santacroce, CEO, Madura Garments Lifestyle Retail Co, is upbeat about the country's first luxury concept store for men.

"We have launched The Collective at just the right time because people are now looking at affordable luxury retailing like ours. Our denim brands range from Rs 3,000 to Rs 35,000, and for people who want affordable luxury, this is the perfect place to walk in," he says convincingly.

The Collective, the super premium retail brand from Madura Garments Lifestyle Retail Company, a group company of the Aditya Birla Group, has invested about Rs 275 crore in the new venture and is looking to break even in about three years, according to its CEO.

After Bangalore, the company's next two stores would be in Mumbai and Delhi and plans are to have at least 10 stores in three years.

Madura Garments Lifestyle is eyeing a market share of 7-8 per cent of the Indian luxury market in three years The Indian luxury market is currently estimated to range between Rs 3,500 crore and Rs 4,000 crore.

High-end Clothing

The Collective - which offers 35 high-end brands and 20 accessories brands including Armani Collezioni, Versace Collection, Hugo Boss, Rock & Republic, Ted Baker, Valentino, Church's and Puma Black - is targeting Indian men with an annual income of not less than Rs 50 lakh. Part of the luxury environment that the store offers includes a tie-up with Jean Claude Biguine to set up salons within its stores, dry cleaning and laundry services for the super premium apparel and a London tailor now in Bangalore to help customers with alterations. It has also roped in Sonodea, a US music company, to decide on the music for the store, which will be reviewed every month.

Mr Santacroce, who has worked with brands such as Burberry's, Aquascutum, Yves St Laurent and Tommy Hilfiger, says that the Indian male now aspires to be a global Indian and is convinced that a customer who walks into the luxury store will, on an average, purchase 1.8 units per visit. "We are looking at impulse buying, expecting multiple transactions and repeat customers," he says.

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