Luxury from Italy

IN CONVERSATION

The leading Italian footwear brand distinctive for its classic styles and traditional workmanship "" Fratelli Rossetti "" recently launched it's flagship store in India, at Grand Hyatt in Mumbai. CEO Diego Rossetti tells Business Standard what has him excited about the Indian luxury market

52 years and going strong...

We have stayed faithful to our classic design principles, and our desire to produce a top quality product that is good value for money.

Our shoes are still hand-crafted out of a single factory in a town known for its craftsmanship of some of the best niche footwear brands in Italy. What has changed is the way we market and promote our shoes and bags. We're today an updated classic.

Shoe maker to men... and women?

We're known as leaders in men's shoes in Europe because there is far less competition in the men's shoes segment.

However, 55 per cent of our sales of £70 million last year came from our women's division. Also, now our bags division contributes to more than 10 per cent of our topline.

Why India before China?

We chose to open here first because I actually believe the Indian consumer makes more educated decisions when it comes to luxury.

Indians are also closer in culture to Europe than the Chinese are. I predict the luxury market here will record faster annual growth than China.

Our India strategy is...

We plan to open our first store in Delhi by fall. Our objective is to establish the brand in Mumbai and Delhi in the beginning. The second phase will see us selling wholesale to high-end, speciality multi-brand stores, which we expect India to have in a couple of years.

We've also put in a lot of thought into the products we're showcasing here. Typical European constructions wouldn't work because they're meant for cold, rainy winters.

We've brought our comfortable constructions, like our Flex range with a sole so pliable it bends over double. Also, a whole lot of black, because Indians seem to pick black for any formal occasion.

Brand positioning...

The key challenge remains communicating the brand values to each customer. Our product is not just a high-end European brand but a brand that understands both comfort and creativity.

At the end of the day, our shoes are priced between Rs 10,000-24,000, and that price point is within range for many.