Uber luxury at Indian doorstep!

The uber luxury men’s wear Italian brand Stefano Ricci (SR) has opened its first store in India in Mumbai recently, with plans for another in Delhi. In an exclusive conversation with Jackie Manglani, India President of Stefano Ricci highlights the business strategy of the brand. 

 

What is your take on current luxury market in India especially in fashion segment? Also, shed light on journey of your brand to Indian market?

The luxury market in India is growing steadily but it is still far behind developed markets in Europe, America and some parts of Asia.Stefano Ricci has been received very well in India. Our clientele mostly consists of the international jet set. They travel a lot and see a lot. They recognise a high quality product when they see one. This is a great blessing for us because the clients that have been buying Stefano Ricci products from London and Paris are now beginning to purchase locally from our Mumbai store. The Mumbai store is one of the largest Stefano Ricci stores in Asia which enables us to carry our complete collection. We are also at par with our worldwide pricing policy and provide the same standard of service locally. Our clients see a lot of value in that. This has helped the brand grow well in India.

 

Also, shed light on distribution of the brand in Indian market? How many stores the brand will have in the current financial year?

Currently, we have one flagship store at the Taj Mahal Palace Hotel in Mumbai. Hopefully we will have one in New Delhi in 2018.

 

Also, shed light on Mumbai store in terms size, sKUs and layout?

Our flagship store in Mumbai is 2500 sq. ft. in size, split across three sections displaying our wide range of Ready to wear, accessories for men, bespoke tailoring, interiors and home collection.

 

Highstreets vs luxury malls, what would be ideal location for further expansion?

We are very satisfied with the current location in an iconic hotel like the Taj Mahal Mumbai and will look forward to expand via the same route in New Delhi.

 

How many categories has the brand explored for the Indian market? Which category is turning to be the best seller for the brand? Also, shed light on strategies to expand the category further?

We offer our entire range of products to the Indian market, from Menswear Ready to wear, suits, shirts, casual wear and accessories.The brand’s line is expanding with its Home Collection, in constant evolution, covering various types of products: porcelain and crystal dinner services, silverware, furnishing accessories, linen and leather home accessories.

The true novelty, or trend, that we have encountered recently is a movement of interest from clients towards the style of their sons; our SR Junior line was introduced in 2016 and has been very successful in letting clients obtain outfits that will teach a classic charm to their sons.Some of our best sellers are the silk and cotton shirts, ties, accessories such as belts and shoes, denims and knitwear.

 

What is the starting and exiting price point of the brand in Indian market?

There are no limits. It all depends on what a client desires.

 

Who do you see as your competition in niche luxury market in India?

Currently there are none that can be considered as direct competitors.

 

At last, kindly mention your growth plans?

Market responses have been positive, both in India, as well as at an international level concerning Indian clients abroad. We have noted a developing attention on the part of our clients in an understanding of quality products, as they are continuously looking for the best. Growth is connected to their approach to this kind of high-end production and bespoke offerings.

However, we are taking a very conservative approach by not rushing to open any new stores in a hurry. Besides, our production capacity is limited and does not allow for rapid expansion. We want to slowly yet strongly leave an impact and grow in India. Perhaps a store in New Delhi next year.