MILAN — Ferragamo is eastward bound.
The Florentine luxury goods house will open its first flagship in Mumbai, India, on March 24 and three days later will officially inaugurate its first outpost in Ho Chi Minh City, Vietnam, after it opened softly last December.
The 1,620-square-foot Mumbai store is located on the Grand Hyatt Plaza and will house all of Ferragamo’s products, including accessories, scarves, ties, fragrances, eyewear and apparel.
The store is furnished in typical Ferragamo style — walnut chests, aluminum shelves, limestone floors and chain mail details.
“We started considering India about three years ago, but went ahead with the plan only after we found the right partner,” said Hervè Martin, Ferragamo’s product marketing managing director. “The Indian government is starting to understand that it’s more advantageous for them if consumers buy locally rather than shop abroad.”
Ferragamo’s Indian partner is SSIPL Luxury Fashion Private Ltd., a footwear distributor that brought Nike to India but then embraced more upscale brands.
Martin estimated the store will have sales of between $1 million and $2 million in the first year.
Pioneers in Vietnam, Martin said Ferragamo chose Ho Chi Minh City — Saigon until the end of the Vietnam War — in the south of the country, to start unfolding its business there. “Even Hanoi, which is in the north, is an interesting city. We shall wait and see how this country develops for us,” said Martin.
He added that in the medium term, he expects the 756-square-foot store in Ho Chi Minh City to reach retail sales of $1 million.