Hidesign to consolidate foreign operations

Leather goods maker Hidesign plans to consolidate its presence in the international market by opening more stores in Russia, Hong Kong, China and S Africa.

"We are present in over 20 countries outside India and they account for 65 per cent of our revenue. These markets are highly profitable for us because we are able to sell our products at more than twice the price when compared to India," Hidesign's CEO Kunal Sachdev said.

Sachdev said that Hidesign intends to enter three more countries through the JV route. It is part of a plan to add 20 more stores in the international market in the coming years. The company has big plans for the Indian market. It will enhance the number of stores from 27 to 70 stores over the next three years in India.

Hidesign, in which French luxury brand Louis Vuitton is picking 20 per cent, is one of the few Indian retailers, which has been successful in the UK.

"Though the UK is a complicated and mature market, it is our strongest market because we are present only through departmental stores there. So we have not had to create a brand," Sachdev said. "In the US on the other hand we have only one store in California and we are looking at opening one more," Hidesign's President Dilip Kapur said on the sidelines of The Shop, a retail forum held in Bangalore.

Hidesign will invest about Rs 9 crore in its international operations and about Rs 21 crore in Indian operations. The company said it will raise the money internally.