Luxury retail player Kimaya is all set to rub shoulders with international giants such bas Calvin Klein, Crate & Barrel, Polo and Valentino, among others. The company is setting up its own retail unit in Madison Avenue, New York, making it the first Indian luxury retail company to do the same.
The store will be spread across two floors with a total area of 4,500 square feet. “It would house apparels showcasing Indian craftsmanship on the accepted palate of international silhouette,” said Pradeep Hirani, chairman Hirani Group and Kimaya.
The store will be up and running by August 2009. Hirani did not wish to disclose any investment details.
Madison Avenue is home to the biggest names in the fashion world, but in the last one-year, luxury brands have found it tough to survive in a market hit by layoffs and salary cuts. According to reports, in the past year, over 40 boutiques have vacated their place in Madison Avenue owing to dwindling sales.
However, Kimaya hopes to make its presence felt by doling out designer clothes-wear at affordable rates. “On an average our Indian craftsmen designed apparels will be between 40 and 60 per cent cheaper than other brands,” Hirani said.
The store at Madison Avenue would be on the franchisee model, and Kimaya has awarded it to Rosy Blue, an Antwerp-based company dealing with diamond trading. The size of the US luxury market is close to $400 billion. The garments will be exported from India, mainly from Uttar Pradesh. In the future, Kimaya is planning to open outlets in Los Angeles and Chicago.
It is also looking to expand its India operations. In the next one year, it plans to add six stores in Ludhiana, Chandigarh, Mumbai and Hyderabad. They will also add one more store in Dubai.
Source: Financial Chronicle