Global stationery and accessories maker Cross is introducing leather accessories in India priced 40 percent lower than its global prices, eyeing a Rs.93.84 crore growth this year.
"India has been named a focus market for 2015 followed by the US, UK and Japan. Our aim is to become the market leader in the $500-600 million branded leather accessory market in India," director and CEO Yashovardhan Gupta of Torero Corporation, exclusive global partner of US-based Cross, told media persons here.
He said the demographics in India is the key consideration to select it as a focus market and the items are priced lower to capture market share aggressively in India.
According to Gupta, while the stationery market in India is growing by 9-10 percent, the domestic leather accessories market has a growth rate of 25 percent. Globally, the stationery market growth is pegged at 6-7 percent while the leather accessories market grew by 16 percent.
"Belts, wallets, bags, laptop bags, phone covers and several other items are the key to the growth in the leather accessories market here. It is estimated that the global market size of iPhone leather cover is to the tune of USD 20 billion," he said.
It is importing finished leather from Spain and processing the items in India with Italy-built machinery to make the leather items for Cross.
Kolkata-based Torero Corporation is a brand management firm handing five global brands and has a partnership agreement with Spain-based Marroquineria.