Krishna Lifestyle Technologies, an integrated textile firm engaged in the business of spinning, knitting, processing and garmenting, is venturing into luxury retail by launching K Lifestyle stores. The first K Lifestyle store is scheduled to open at Lower Parel in Mumbai by mid-June 2007.
Commenting on the venture, Navin Kumar Tayal, chairman, Krishna Lifestyle Technologies, says, “There is a demand for luxury lifestyle products which has so far been catered for only by the five-star hotels like Taj and Grand Hyatt. K Lifestyle will be a unique store for quality luxury products like gold and diamond jewellery, watches, wines, perfumes, cosmetics, eyewear, leather products, imported chocolates, designer garments, shoes, and Indian handicrafts. We are also planning to include a cafeteria.”
A few of the brands that have conformed their presence include Calvin Klein, Kenneth Cole, Nike Vision, Roberto Cavalli, Tom Ford, Tommy Hilfiger, Studio Coterie by Haani Inc., Aigner, J Del Pozo, Davidoff, Bucheron, Versace, Givenchy, Guess, Moschino, Lindt, Lindor, Twister, Ferroro Rocher and Toblerone.
With an investment of Rs 7-10 crore for the first year, the project is expected to reach across major cities in India. Says Tayal, “The cities we are targeting in the next three years are Mumbai, Nagpur, Pune, Thane, Kolhapur, Silvasa, Vapi, Vadodara, Amritsar and Ludhiana.” By the end of this fiscal, the company plans to open 15 K Lifestyle stores. It has a capacity to produce 30 lakh pieces of garmenting per annum.
Tayal observes, “After liberalisation, the economy has been growing at a remarkable growth rate. As a result, the income levels have seen a spectacular rise as well. Especially, more and more management graduates are entering the millionaire clubs. Earlier, people used to shop in Singapore and New York for luxury products. Now there is a demand for getting global luxury products in Indian cities.” He adds, “The transformation from a savings economy to a spending economy is a single-line description of the changing mindsets of people in our cities. And we are positive about our approach to create a large market share in this segment.”
— Mumbai Bureau