The KK Modi Group company, which entered the retailing sector in 2005, has acquired the master franchise for Chinese luxury brand Shanghai Tang.
Plans to launch exclusive boutiques of the Chinese brand next year
MUMBAI: Modi Enterprises is all set to foray into the Indian luxury retailing space.
The KK Modi Group company, which entered the retailing sector in 2005 with a unique convenience store format called Twenty Four Seven Retail Stores (open 24X7), has acquired the master franchise for Chinese luxury brand Shanghai Tang.
An international clothing chain founded in 1994 by Hong Kong businessman David Tang Wang Cheung, the Chinese brand is now part of Swiss luxury-goods giant Compagnie Financière Richemont which has brands like Cartier, Mont Blanc and Dunhill in its bouquet.
Samir Modi, managing director, Modi Enterprises, said: “In fact, the fundamental design concept is inspired from traditional Chinese clothing combined with the dynamism of the 21st century. So it is a global luxury brand with traits that clearly differentiate it from its global counterparts.”
Though the company plans to launch exclusive Shanghai Tang boutiques — one each in Mumbai and Delhi — in the coming six months or so, the soft-launch of the collection is slated for Saturday in Mumbai.
The two-day trunk show in Mumbai will be followed by a similar launch at a later stage in Delhi sometime next year.
Modi added: “While there are stores housed in luxury hotels, not all of them make viable business propositions. Lease rentals in some of the existing malls are in the range of Rs 1,300-1,800 per sq ft which is suicidal. So we will be going a little slow on exclusive boutiques,” said Modi.
However, with realty companies such as DLF already in the process of creating a luxury shopping experience across key metros, Modi is optimistic in over a couple of years rates will become a little more realistic.
“We are using a more personalised approach to reach out to our customers. People interested in buying the Shanghai Tang collection can place a request with the Delhi office. Customer service personnel will then personally visit the customer with the range requested for besides a few other options for cross selling. Once the customer is happy with the selection, the sale will be made then and there,” said Modi.
Modi Enterprises will invest around Rs 7 crore in setting up the two exclusive boutiques. The stores will be spread across 1,000 square feet area and will be housed in up-market locations only. The number of boutiques will be tripled though the additions will be made in the existing two cities only. The entire funding will be done through internal accruals.
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