Most luxury and premium brands are looking for quality retail-centric real estate spaces not only for expanding their branded retail shops but also for having their new offices, according to industry experts.
Hugo Boss luxury watches, which is being retailed by Titan Industries Ltd through about 15 to 20 of 250 World of Titan showrooms, will also be retailed through upcoming luxury retail malls, apart from premium departmental stores and premium malls in India, Harish Bhatt, chief operating officer, Titan Industries said. According to him, “We are open to selling luxury Hugo Boss luxury watches in luxury malls and premium departmental stores which provide an environment for accessible luxury watches. Besides this, luxury malls also provide scope for higher brand visibility.”
Luxury and premium goods distributor Brand Marketing India Private Ltd (BMI), promoted by the Mumbai-based Murjani Group has moved out of its four offices in Nariman Point (including one office at The Trident, Mumbai) and shifted to Metro theatre building in February this year. In Metro theater building, Murjani Group has set up its new 7,000 square feet office. This is to have ample quality real estate space in Mumbai for its office, Shehzad Karachiwala from Murjani Group said.
BMI has exclusive licensing rights to top global brands including Gucci, Jimmy Choo, French Connection, Calvin Klein, La Perla and Bottega Veneta. BMI brands are already sold in Mumbai’s Shoppers Stop, The Trident and Vama and will be part of Delhi’s luxury mall DLF Emporio as well as UB City in Bangalore. While luxury retailers Crossroads, Oberoi and the MBD Group are all hoping to launch luxury malls soon, new luxury brands entrants such as Armani and Miss Sixty too are vying for quality space in luxury malls.
According to Shubhranshu Pani, managing director – retail, Jones Lang LaSalle Meghraj, “Luxury brands look for quality retail-centric real estate spaces. 5-star hotels do provide quality spaces, but such hotels obviously have their own agenda and the environment is based more on hospitality than retail. Moreover, 5-star hotel spaces are limited and do not offer much scope for expansion, or the introduction of a healthy brand mix. Currently, luxury brands still find value in occupying space in 5-star hotels and are retaining these. However, thanks to the advent of luxury malls such as UB City and DLF Emporio, they now have alternatives and are beginning to benefit from the re-loaded, focused retail experience.”