Harrys of London to enter India as it prepares for NYC debut
UK-based luxury men’s footwear label Harrys of London is to enter India with a store in Delhi to be followed by a debut in Mumbai next year. The company is reported to be also looking for franchise partners.
The 16-year-old brand is currently available in over 20 countries and sees India as a market with major expansion potential.
CEO Steven Newey told the Hindustan Times that it is targeting businessmen and travelling shoppers aged 25 to 60 with its offer of formal and casual shoes plus bags, small leathergoods and other accessories.
The company, which has been growing at an annual rate of between 20% and 25%, expects to open five or six stores in India, each covering around 1,000 sq ft, in the next five years. It has a revenue target of around £1 million per store.
Harrys, which also operates its own e-commerce site, was acquired by Richard James owner Charles Cohen earlier this year and has ambitious plans for international expansion with North America, Asia and the Middle East as key targets. It will open a New York City store by the end of this year.
India’s footwear market is large and growing with 60% of sales being men’s shoes, a report from KPMG said. And it’s growing at a rate of 10% annually, although women’s footwear is growing faster with 20% growth.
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