Italian premium menswear brand Boggi Milano today said it is looking at having up to 35 outlets in India by 2015 and plans to garner revenue of around $50 million (about Rs 225 crore) from the country within next five years.
The brand, which entered India in 2008 under a joint venture with real estate major DLF's retail management subsidiary -- DLF Brands, currently operates three stores in Delhi NCR and said it is looking at expanding in metros across the country.
"In the last year and a half we have cemented our brand's image in India and we are now entering into a stage of faster development. From three outlets at present, our aim is to have 30-35 stores in the country by 2015," Boggi Milano Brand Director Giorgio Brandazza told PTI.
He said the project is part of the 12-million euro investment plan finalised by the two JV partners in 2008.
"So far we have invested around 1.5 million euro and the rest would go for the brand's expansion during next five years," Brandazza said.
Boggi Milano holds a 30 per cent stake in the JV.
Brandazza said the brand's next two outlets are going to come up at the Delhi International Airport's soon-to-be- inaugurated Terminal 3 on July 14.
"Then we will venture into Kolkata and Bangalore in July and Chennai before winter," he said.
Asked about the brand's expectations from the Indian market, he said: "We plan to have a revenue of $50 million from the country by 2015. By next year, we will break even and our business will be cash positive by 2012."
The 140 million euro Boggi Milano currently sells almost its entire international range in the country including formals, casuals, sportswear and accessories. Its suits starts from Rs 30,000 a piece, while casual shirts and accessories are offered at Rs 2,500 onwards.
All its products are imported from the global facility in Italy. "India has a huge segment of discerning customers, who crave for Italian fabric and design and have the purchasing power. We are targeting exactly that segment," Brandazza said.
Boggi Milano operates in over a dozen countries and has around 80 exclusive outlets across the world.
