Companies

Making a fashion statement in gold, silver fabric

Suresh P. Iyengar Mumbai | Updated on July 12, 2011

BL26_01_AUDELADE

HAUTE COUTURE



The sky seems to be the limit when it comes to flaunting wealth for the super rich in the country and many a company in the luxury segment are making a beeline to service their needs.

Mumbai-based UG Group, which has diverse interests from jewellery to real estate, has launched a fashion and luxury accessory brand Audelade – a French word that means beyond imagination. Audelade offers blazers made of fabric interwoven with gold and silver, priced between Rs 5 lakh and Rs 10 lakh.

Among the premium off-the-shelf suit brands available for the well-heeled are Ralph Lauren, Armani, Hugo Boss, Yves Saint Laurent, Gucci, Louis Vuitton. At the upper end of this list is Brioni, with prices hovering at Rs 2.7 lakh.

At Audelade, a hand-made shoe blended with gold fabric and leather is being sold at Rs 2.5 lakh. Every ‘Audelade' piece is handcrafted in fabric woven in gold or silver with an invitation to the elite gentry to make a style and class statement.

At present, Audelade products such as handbags, wallets and mobile pouches are available at upmarket Atria Millennium Mall in Mumbai. The Group plans to open another store in Mumbai followed by one each in Delhi, Chandigarh and Pune with an investment of Rs 120 crore.

Mr Rakesh Sanghvi, Director, UG Group, said, “We will be very selective in our expansion as our products are niche and can be sold only at upscale markets. The lowest available luxury item in our store would cost Rs 10,000 for a silver woven wallet. Our target is to capture less than five per cent of the population in the city we will be present in,” said Mr Sanghvi.

The company uses 14 carat gold with an option of 18 and 22-carat depending on customer choice. The company issues a certificate on the quality of gold used in a product, but does not buyback its goods once sold.

“We are sure a person buying a suit for Rs 10 lakh will not look for resale value. It is a prized possession. A suit once scrapped needs to be melted and could fetch about Rs 5,000,” said Mr Sanghvi.

The UG Group has filed a patent on the technology used for making the gold and silver-woven fabric. It has spent over four years and invested Rs 30 crore for developing the technology. The Group has given itself two years to establish the brand, and will also launch a promotional campaign.

Published on June 25, 2011

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