NEW DELHI — Coach Inc. has revealed plans to enter India with an exclusive partnership with Genesis Luxury Fashion Pvt. Ltd. This new launch coincides with the 75th anniversary of the brand.
“We have been following the development of luxury brands in India for many years and have several reasons to believe that now is the time for Coach to enter the market,” said Ian Bickley, president of the international group for Coach Inc. “We see a more established retail infrastructure with luxury brands now present beyond Delhi and Mumbai generating sales productivity comparable to other developing countries.”
Genesis Luxury has been marketing and distributing luxury brands in India since 2008, and currently handles labels including Burberry, Bottega Veneta, Canali, Giorgio Armani, Emporio Armani, Hugo Boss, Armani Jeans, G-Star Raw, Jimmy Choo, Michael Kors, Paul Smith, Tumi and Villeroy & Boch.
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L Capital, a private equity fund sponsored by LVMH Moët Hennessy Louis Vuitton and Groupe Arnault, invested in Genesis Luxury in 2011, giving the company additional capital to bring in more brands and grow its retail presence.
“Coach has tremendous potential in our market, and with our shared vision and well-defined strategies, we are focused on accelerating the retail presence and brand visibility in India across key metros in the next few years,” said Sanjay Kapoor, managing director of Genesis Luxury.
The luxury market in India was estimated to be worth about $15 billion in 2015 and is expected to grow to more than $18.3 billion in 2016, according to a study by the Associated Chambers of Commerce and Industry (Assocham) in January.
D.S. Rawat, secretary general of Assocham, observed that the luxury industry was being fueled by “rising disposable incomes, brand awareness amongst the youth and purchasing power of the upper class in Tier II and Tier III cities in India.”
E-commerce is also contributing to the growth by providing accessibility to luxury goods for people in the smaller cities. Most luxury brands have a presence in the metro cities of New Delhi, Mumbai, Bengaluru and recently Kolkata.
Bickley appears to have gotten the pulse.
“Indian customers are increasingly informed and interested in fashion, expressing growing engagement with the Coach brand. To this end, we’ve experienced an increase in Indian customers visiting our flagship locations in places such as New York, London, Dubai, Hong Kong and Singapore, as well as increasing traffic of Indian visitors to our digital platforms,” he said.
Accessories is one of the fastest-growing segments in the luxury market in India, according to the Assocham survey.