Donna Karan New York (DKNY), label of the fashion designer Donna Karan and part of the world’s leading luxury group LVMH (Moet Hennessy Louis Vuitton) is entering India through a tie-up with DLF Brands, DLF’s wholly-owned subsidiary, reports The Economic Times.
According to the report, DKNY and DLF Brands have entered into a sole franchise agreement under which the latter company will retail the premium brand’s apparel and accessories.
The luxury retailer’s entry into India is part of its global expansion strategy, having recently forayed into South Korea and China, the report further added.
“We plan to open five DKNY stores over the next five months, and 28 stores over the next five years. Luxury retail is growing at 6-10 per cent year-on-year, and we are meeting our targets set last year,” quoted Kelvin Coyle, MD, DLF Brands in the report.
“Our strategic intent is to introduce 12-15 global premium brands to the discerning Indian consumer over a period of five years by opening 500 stores across top two metros and six cities which account for over 55 per cent of our consumer base,” he further added.
DLF Brands has luxury lifestyle labels like Armani and Ferragamo under its stable, and introduced premium brands like Alcott and Sia Home Fashion through similar franchise agreements last year.
Armani, Ferragamo and Boggi are separate joint ventures where the foreign company holds a majority shareholding of 51per cent, with DLF Brands holding the balance stake.
— IndiaRetailing Bureau
