Japanese premium lingerie brand is all set to invest Rs 100 million (Rs 10 crore) to enter the Indian innerwear market, which is estimated to be worth Rs 170 billion.
Japanese premium lingerie brand Wacoal is all set to foray in India. The brand is being brought into the country by Wacoal India Private Ltd, a joint venture between Wacoal International Hong Kong and Periwinkle Fashions Pvt, which is associated with Samsonite, Lavie and Accessorize.
Further, Wacoal will invest Rs 100 million (Rs 10 crore) to enter the Indian innerwear market, which is estimated to be worth Rs 170 billion.
Expressing his views on the venture, Sandeep Goenka, Chief Executive Officer of Periwinkle Fashions said: "We believe Indians as consumers are naturally witnessing a change and getting more inclined in purchasing and consuming international brands. We aim to increase awareness of the brand 'Wacoal' by utilising Periwinkle's robust sales network, marketing expertise and fusing Wacoal's know-how of lingerie business."
Priced at between Rs 2,000 and Rs 4,000, the brand will be available in exclusive standalone stores in Mumbai and Delhi to begin with. Its products will also be sold on online platforms and other multi-brand outlets.
Sharing views about entering the Indian market, Tsuneo Matsui, CEO of Wacoal International, said, "We decided to foray into the Indian market as it is representative of exponential market growth and is an economy which is conducive to industry with its basic policies such as foreign investment promotion, social infrastructure development and expansion of industries."
Kyoto-based Wacoal, established in 1949, has a presence in over 66 countries and regions, including North America, Europe and Asia. In India, Wacoal's major competitors include LaSenza, Marks & Spencer and Triumph.
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