Versace to enter Indian luxury furniture market
Italian fashion major Versace is looking to tap the luxury furniture segment in India as it plans to expand its luxury portfolio in the country with the addition of furniture. The company is currently scouting for partners and locations in the country, said a top company official.
“We are looking (at launching the furniture range). We have no reason why we shouldn’t,” Gabriella Saracino, Worldwide Licensing and Home Division Director, Gianni Versace told PTI. However, she did not share the timeline of the launch of the furniture range in India.
“We want to be 100 per cent sure (before launching) that it is the right location and the right partner. On being asked whether Versace would partner locals here for its furniture range, she said, “In distribution, yes. But the production would be in Italy”. Saracino further added, “We do not want any compromise on our quality. Our furniture is made in Italy. If people want quality, they buy our products. Otherwise, there are several other options in the market”.
The India luxury furniture market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1% during the forecast period 2015-2020, according to a report by India wood. Many international players are looking to enter the booming furniture industry and Swedish major Ikea is also expected to set shop later this year.
Versace is world’s leading fashion brands and its products portfolio includes haute couture, accessories, jewellery, watches, eyewear, fragrances and home furnishings.
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