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| Ferragamo to retail imported wines |
| Priyanka Joshi / Mumbai Nov 20, 2008, 00:02 IST |
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Unmindful of the difficult economic times, Salvatore Ferragamo — the global fashion wear and shoe brand — has launched premium wines for the Indian market in association with Finewinesnmore, a leading distributor of imported wines.
Ferragamo Wines, which will retail between Rs 8,000 and Rs 12,000, will be available in Mumbai to begin with. Dharti Desai, founder and chief executive officer, Finewinesnmore, said, “India has emerged as a rapidly growing wine market in the Asia-Pacific region. We will stock these premium wines at mostly duty free outlets such as hotels and a few retail channels.”
The Associated Chamber of Commerce and Industry (Assocham) estimates that the country’s wine consumption will nearly double to nine million litres from five million litres by 2010. Assocham also pegs the domestic wine market at Rs 500 crore, with wine sales at 820,000 cases in 2007-08.
Desai is banking on similar calculations too. She says, “We are aiming to sell 10,000 bottles of Ferragamo wines by March 2009, with bulk sales coming from the hospitality sector.” With around a quarter of the wine consumed in the country being imported, Desai may be on to something.
An Rncos report notes that the country accounts for just 2 per cent of the overall Asia-Pacific wine market, but in terms of growth, it has expanded phenomenally by around 18 per cent last year.
Salvatore Ferragamo, grandson to the esteemed Italian footwear designer, is hoping to get a slice of the burgeoning spirits market. “As for wine production, we are producing around 150,000 bottles a year, which might go up to 250,000 bottles a year, with demand,” he says.
Ferragamo, who runs the 700-hectare Il Borro estate with dedicated 40 hectares to cultivate grapes, produces about 150,000 bottles annually under three labels — Il Borro, Pian di Nova and Polissena. Ferragamo’s wine estate is part of the portfolio of the family’s luxury holdings, including the fashion and accessories business, four hotels in Florence and a yacht-building company.
Desai has sealed a three-year exclusive deal with Ferragamo wines, and is also looking to promote Ferragamo’s wine estate as a wine tourism destination to Indian afficionados.
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