Gianni Versace S.p.A. is planning to launch its range of furniture in India to tap the fast-growing luxury market here. Founded in 1978 in Milan, Gianni Versace SpA is one of the leading international fashion design houses. It designs, manufactures, distributes and retails fashion and lifestyle products, including haute couture, accessories, jewellery, watches, eyewear, fragrances and home furnishings. Excepting furniture, all other products in Versace’s portfolio are already available in India.
However, the Italian fashion and lifestyle major has not yet announced the time when the company is planning to enter India. Also, information regarding location and possible partner is not disclosed by Versace. However, the company has made it clear that the production of furniture will take place in Italy and no production unit will be set up in India. At the most the company may have distribution tie-up with Indian companies, initially. Versace’s furniture is made in Italy and exported to different markets. The home division, which includes furniture, accounts for 10 per cent of Versace’s total turnover.
It may be recalled here that last week Versace tied up with realty firm Unity Group for developing the Delhi’s tallest building, comprising 160 branded luxury apartments, with an investment of about Rs 500 crore. The company has already a tie-up with ABIL group for another real estate project in Mumbai.