Italian fashion house Gianni Versace is planning to introduce its furniture range to the Indian market, which is set to welcome Sweden-based IKEA’s first retail store soon.
It is important to add here that the Indian furniture market is estimated to reach US $ 27 billion by the year 2022, representing a great opportunity for furniture exporters across the globe to explore, stated to a report by Hong Kong Trade Development Council (HKTDC).
Apart from furniture, Versace has so far introduced every product that they produce to the country. Speaking on the development, Gabriella Saracino, Worldwide Licensing and Home Division Director, Versace told PTI that they are keen to launch the furniture range here and don’t see a single reason which makes them think twice about their decision.
Although, there is no specific timeline provided by Versace for the introduction of their furniture range in India. The luxury house is on a lookout for the perfect retail location and partnership to start its furniture business in the country, as reported.
Saracino further made it clear that the production of the products will be done in Italy but they will tie up with locals for the distribution. Notably, Versace manufacturers its furniture in its home nation and exports it worldwide.
Markedly, Versace’s furniture segment contributed 10 per cent to its total revenue.
