After foraying into real estate, Italian fashion and lifestyle major Gianni Versace is planning to bring its furniture range in India to tap the fast-growing luxury market. At present, furniture is the only product category in Versace’s portfolio that is not available in India.
“We are looking at launching the furniture range. We have no reason why we shouldn’t,” Gabriella Saracino, Worldwide Licensing and Home Division Director, Gianni Versace SpA told PTI. However, no details on the timeline of the project has been shared by her.
“We want to be 100 per cent sure (before launching) that it is the right location and the right partner,” Gabriella further quoted.
According to a PTI report, Versace would be partnering locals for the distribution process for the furniture range, whereas, the production would be in Italy.
“We do not want any compromise on our quality. Our furniture is made in Italy. If people want quality, they buy our products. Otherwise, there are several other options in the market,” Gabriella further stated.
Versace’s furniture is made in Italy and exported to different markets. The home division, which includes furniture, accounts for 10 percent of Versace’s total turnover.
Last week, Versace has collaborated with Delhi-based real estate developer Unity Group to develop luxury apartments in the central area of the Capital.
The project will comprise of 160 branded luxury apartments with all the residential units at 5 BHKs, with an investment of about Rs 500 crore (Twin Towers). The total project cost is Rs 3,000 crore.
Unity Group, which has built over 100 commercial buildings, has forayed into housing segment to develop this 40-acre complex at Karol Bagh, comprising a total of nearly 2,700 units in 23 towers. The twin towers will be part of this project.
This was Versace’s second real estate project, the first was in Mumbai with ABIL group, Saracino added.
Founded in 1978 in Milan, Gianni Versace SpA is one of the leading international fashion design houses. It designs, manufactures, distributes and retails fashion and lifestyle products, including haute couture, accessories, jewellery, watches, eyewear, fragrances and home furnishings.
[…] it seems Indian furniture market will witness a spurt of foreign industries. Italian fashion and lifestyle major Gianni Versace is planning to bring its furniture range in India to tap the fast-growing luxury market. At […]