International luxury brands Philipp Plein and Billionaire inked a deal with New Delhi-based Bequest Group to enter the Indian market within the year. The group is slated to open its Philipp Plein and Billionaire stores in Mumbai and Delhi before the end of the year.
The luxury clothing brand offers high-end clothing for men, women and children. It also has lines of jewellery, accessories and a home collection.
The business that started in Munich in 1998 by founder/designer Philipp Plein, is headquartered in Lugano, southern Switzerland and has over 92 showrooms across 28 countries in Europe, US and parts of Asia and most recently opened an outlet in China.
“Philipp Plein Group (has signed) a distribution agreement and strategic commercial partnership with the Bequest Group which also extends to the online business. Such an agreement and partnership was executed some days ago. For the time being, the agreed expansion markets are New Delhi and Mumbai. Moreover, our plans also include the Billionaire brand," said Carmine Rotondaro, management advisor to Philipp Plein via email.
In the past, Bequest Group has brought Berluti (part of the LVMH group), Saint Laurent (part of the Kering group), Tods, Brunello Cucinelli, Creed and Molton Brown to India.
The project is likely to be a joint venture between Bequest Group and real estate firm Bhutani Infra. Bequest is also said to be in the running for partnership with Cavalli. However, mails sent to the company did not elicit a response till time of press.
Typically, companies spend anywhere between Rs 10-20 crore in a top end mall to set up a luxury store of about 1500-1800 sq ft. in size. Of late, high operating costs and soaring rentals have been the bane of luxury retailers who have seen footfalls nosedive post-pandemic.
According to Statista, revenue in the luxury goods market is projected to reach $8,417 million in 2021 and the market is expected to grow annually at 7.7% CAGR 2021-2025.