Puducherry-based leather bags and accessories maker Hidesign today said it will launch a new collection by Italian designer Alberto Ciaschini in the next two months to mark its entry into the luxury segment.
The company said it plans to add another manufacturing plant in India in the next one year to take the total number of factories to five, while also strengthening retail presence across the country.
"The premium and luxury segments are the fastest growing segments in India. We clearly see an opportunity in it," Hidesign President Dilip Kapur told PTI.
He said, however, that the Alberto Ciashini range will be more of entry level offerings of the luxury segment.
"The plan is to initially introduce the range in 20 exclusive stores across the country within the next two months," Kapur said.
Explaining the reasons for entry into the luxury segment, he said, "We see the Indian market segmenting itself. We are already strong in the premium segment. The price range of our products currently starts from Rs 3,000 to Rs 12,000. Beyond that, there is the more luxurious end of the market, which do not a have presence."
In India, there are luxury brands like Louis Vuitton and Gucci selling at price points starting from Rs 40,000-50,000. There is a huge gap in India between the high-end luxury and premium brands.
Going ahead, Hidesign is also looking at expanding the product range in the luxury segment by bringing in Italy's Braccialini brand of bags by next year.
At present, the company is in the process to form a joint venture with the Italian brand to set up a manufacturing unit in India to make Braccialini bags and other leather items.
The company, which currently has four factories in India, is also looking at opening another plant in the next one year, apart from taking the number of exclusive stores to 100 within this fiscal.
"We open one factory every two years. We are looking at opening another plant in either south or east of India," he said.
He did not give further details on the investment and capacity of the plant. At present, the company has four plants across the country having a total capacity to make 2.6 lakh bags and 3 lakh wallets annually.