Italian Fashion major, Gianni Versace is on its verge to tap the fast-growing luxury furniture market in India as it plans to bring in its furniture range here. Currently, furniture is the only product category in Versace’s portfolio that is not available in India.
However, the company has not yet mentioned any timeline for the launch of the furniture range. According to the reports, the company is recently looking for the partner and the location.
"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.
Versace’s furniture is made in Italy and exported to different markets. On being asked whether Versace would partner locals here for its furniture range, she said, “In distribution, yes. But the production would be in Italy”.
Saracino further added, “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”.
As per a report by India wood, the India luxury furniture market is predicted to garner $27.01 billion by the end of 2020. It is registering a compound annual growth rate of 4.1% during the forecast period 2015-2020. Many Globally renowned companies are looking to enter the flourishing furniture industry and Swedish major Ikea is also planning to open its flag store later this year.
Last week, Versace and realty firm Unity Group came together to develop the Delhi’s tallest tower with an investment of about Rs 500 Crore. The building will comprise 160 branded luxury apartments. This was the second real project of Versace’s in India. The first was in Mumbai with ABIL group.
Gianni Versace S.p.A opened his eponymous design house in 1978 in Milan. It deals in manufacturing, designing, distributing and retailing fashion and lifestyle products, including watches, perfumes, jewellery, eyewear, couture, home furnishings and fashion accessories.