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Italian bespoke shoe company Santoni is set to expand its presence in India with plans to add two more luxury boutiques in Mumbai and Hyderabad by 2026.
The expansion initiative, spearheaded by Luxerati Retail Pvt. Ltd, Santoni's India partner, will see an investment of approximately 15 crore. This follows a similar expenditure incurred during the launch of the company's Delhi store back in 2018. Currently, Santoni operates one outlet in Delhi's Emporio mall.
Sanjay Kataria, co-founder of Luxerati Retail Pvt. Ltd disclosed that the company is contemplating the establishment of an online storefront exclusively dedicated to the Indian market. This move, akin to Louis Vuitton's strategy, is expected to be implemented by 2026.
Having achieved profitability in 2021, Luxerati Retail aims to conclude the fiscal year with sales amounting to 18 crore.
Santoni, founded in 1975 in Corridonia, Italy, is situated in the heart of the shoe-making district of the Marche region. It revolutionised the artisanal process of shoemaking. Under the guidance of founder Andrea Santoni, the company industrialised the craft and specialised in crafting products from regular and exotic leathers, such as ostrich and alligator skin, which are meticulously hand-cut, coloured, and stitched. Presently, the brand is helmed by Andrea's son, Giuseppe Santoni.
India's luxury market is experiencing rapid growth, projected to reach USD 8.5 billion by 2023, marking a significant increase of USD 2.5 billion from 2021, as per Euromonitor International. Experts anticipate even more substantial growth, with a study by Bain & Co. forecasting a 3.5-fold surge by 2030. This surge is attributed to India's swift economic expansion, currently the fastest among major economies, with a recorded growth rate of 7.6% in the third quarter of 2023.
However, despite their global popularity and reputation for quality, luxury footwear brands from around the world are encountering unexpected obstacles due to stricter government regulations.
In conclusion, Santoni's expansion plans in India reflect the brand's confidence in the market's potential and its commitment to catering to the discerning Indian consumer. With the luxury segment poised for exponential growth, Santoni's strategic initiatives align with the growing demand for high-end footwear in the country. As the brand continues to innovate and expand its footprint, it is poised to further solidify its position as a premier luxury shoemaker in India.
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