Parfait, the US-based lingerie brand, is entering India through 100 per cent FDI. With the plan of partnering with major Indian retailers, the brand is aiming to set up around 150 shop-in-shops and open four exclusive stores in India in 2019. Launching in April, the first exclusive store will be located in New Delhi and then Mumbai.
As per its sourcing norms, the brand will source about 30% of its goods from India, while the reins over decisions about style, sample, structure, technique, and design will be held by the US office. The India-based 30 per cent sourcing will constitute cotton goods.
Parfait also plans to have an omnichannel presence with their own website coming up along with e-commerce platforms like Myntra and Amazon. Presently, Parfait retails in 20 plus countries through its 700 stores and online stores worldwide.
The company is headquartered in Los Angeles, USA. Driven through a B2B channel globally, Parfait sells products across the world through a diverse channel of distributors and retailers, until now, as the company is entering B2C format for the first time with the India launch.
This shift in format is also enabling the company to invest aggressively as they will invest around four million dollars in just the first year of its operation in the country, which will change as per half-yearly evaluations in the coming years.
“We are planning to invest US $ 3-US $ 4 million dollars in the first year. Every 6 months we evaluate our business for further investment. We have entered India through 100% FDI. Following the government norms, we will source 30% from India and but the style, sample, structure, technique, and design will come from the homeland. Our 30% sourcing from India will include cotton.” – Ken Zhang, CEO, and co-founder, Parfait
“We will also explore the possibility of opening Parfait store in major cities in the near future. Parfait will be launching its first exclusive store in Vasant Kunj, Delhi, followed by an exclusive store in Mumbai. The exclusive stores will be launched in the mid-week of April. This will be Parfait’s first exclusive store globally,” said Akhil Srivastava, managing director of Parfait India.