Italian luggage maker Roncato has entered into a tie-up with Elite Brands Pvt Ltd, marking its entry into the country. Elite Brands will be the licensee.
MUMBAI: Italian luggage maker Roncato has entered into a tie-up with Elite Brands Pvt Ltd, marking its entry into the country. Elite Brands will be the licensee.
Roncato is positioned in the Rs 300 crore luxury luggage segment, which is growing at 30% annually. The products are priced in the range of Rs 4,000 to Rs 15,000 and will be available at retail stores in premium malls in metros and mini metros.
Cristiano Roncato, managing director, Valigeria Roncato, said: “India is one of the most important markets of the world. Roncato wants to be at the forefront at this juncture by providing the Indian traveller the latest in design and technology. We will also be looking at manufacturing our products in India a year and half later.”
Roncato, a €50 million company, earns 40% of its revenues through exports and is present in 50 countries. Recently, it has started focusing on emerging markets like India, Russia and Brazil and is looking at a Rs 100 crore business from India in four years.
The brand licensee is Elite Brands which introduced Giordano travel gear over a year ago.
Apart from considering developing its products here, the company is also looking at the option of setting up warehouses for international markets.
Ramesh Rath, chief executive officer, Elite Brands, said: “While the domestic players are looking to upgrade to premium segment but haven’t yet managed to, the international brands present here have already stated focusing more on the above Rs 20,000 super-premium segment. Hence there is a void that Roncato can fill in.”
Yet, contrary to Rath’s opinion, Sudhir Jatia, managing director, VIP industries, feels the market is becoming a little too crowded. “A lot of medium-priced European regional brands have entered the premium segment in India which has anyways seen a slight slow down the growth this year. There is bound to be a shake out soon,” Jatia said.
VIP industries, apart from having its own brand, also introduced the world- renowned Delsey luggage brand in India.
Elite Brands will also be launching a lifestyle apparel brand early next year and 4-5 setting up travel destination stores in about a year. These travel destination outlets, more than 3,000 square feet each, apart from housing luggage gear from various brands will provide special travel clothing and other travel related services like foreign exchange. Rath is looking at private equity to fund this apart from internal funding and loans from banks like ICICI and UTI.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}