Hidesign to spend Rs 87 lakh to set up 3 stores in Russia

Hidesign, an Indian leather brand, expects to invest $200,000 (Rs 87 lakh) to add three more stores in Russia, thereby increasing its presence to eight stores by the end of the year.

The company has recently entered into an agreement with Russian distributors to invest 35 per cent in its retail business in that country. The infusion of capital would enable Hidesign to further accelerate its retail footprint in St. Petersburg, from the current five stores in Moscow.

In a press statement, Kunal R Sachdev, Hidesign chief executive officer, said, "Hidesign, has a strong presence in the international market and has carved a niche for itself in recent years. Despite strong competition from other international leather brands, we have managed to create a loyal customer base across markets. Hence, we felt the need to further increase our brand salience in the international arena."

To enhance its brand presence overseas, Hidesign will be opening an exclusive brand store at the Hong Kong airport and another in Kuala Lumpur this year. The brand's market presence has grown in South Africa as well, and the company is in talks with five of the leading malls to set up its exclusive shops.

Hidesign is available at premium international stores like House of Fraser, John Lewis, Magasin Du Nord, Selfridges. It has 8 stores in the US, Russia, and UAE and intends to increase its retail presence through similar exclusive stores in other parts of the world as well.

Hidesign is bullish on its international operations and is looking at increasing its presence to an estimated 30 stores over the next two years.