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| Louis Philippe forays into men's footwear segment |
| Press Trust of India / New Delhi Apr 28, 2010, 16:29 IST |
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Aditya Birla Group menswear brand Louis Philippe today forayed into the footwear segment, expecting the new category to contribute at least 15 per cent to its annual sales within 2-3 years. The brand, which clocked an annual turnover of Rs 400 crore last fiscal, will launch its footwear range under the names 'Louis Philippe' and super luxury sub brand 'Luxure'.
"We want to fill the void in the formal category men's footwear brand in the country, which lacks established players. Our aim is to be the market leader in the segment...Maybe within two years," Louis Philippe Chief Operating Officer Vishak Kumar said.
Expressing confidence that the footwear business would do well, he said: "We believe that footwear will comprise at least 15 per cent of our annual sales within 2-3 years."
Initially, the footwear range will be available in 30 Louis Philippe flagship showrooms across the country, before the company expands further in India and overseas. While the Louis Philippe collection will come at a price range of Rs 2,000-5,000, the higher-end Luxure collection will be priced up to Rs 10,000, he said.
The footwear venture completes Louis Philippe's ambition of being a complete solution provider in the men's wear segment, after its apparels and accessories range, Kumar said, and added that it aims to be the biggest player in the estimated Rs 2,000 crore premium men's shoes market in the country within two years.
Owned by Aditya Birla Group company Madura Garments, Louis Philippe has an annual turnover of Rs 400 crore and is growing at 15 per cent annually, he added. The company has set up an in-house studio to design its footwear range. It will start with 40 designs, and plans to have two collections - summer and fall - every year.
It is sourcing the products from both the domestic market as well as Italy and Turkey. "In the near future, we also plan to launch a semi-formal footwear range as well," he added.
The Indian footwear market is of around Rs 30,000 crore, of which only about Rs 2,000 crore is the size of the men's premium segment that includes footwear of above Rs 1,500. "We will roll out our range in 30 of our major showrooms across the country, before expanding nationwide and into the international markets," Kumar said.
Louis Philippe has 60 exclusive showrooms across India, besides being present through another 800-odd multi-branded outlets. It also has presence in Sri Lanka and Middle East. Launched in the UK in 1960, the premium brand was acquired by the Aditya Birla Group in 2000 from its earlier owner, Coats Viyella.
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