Kimaya, a luxury fashion house is planning to open 40 to 50 stores pan India and as well as abroad within the next few years. The new stores will be launched through mix of ownership as well as franchise model. The brand is now also focusing on tier II cities like Ludhiana, Chandigarh, Pune, Lucknow, Nagpur, Kochi, Jaipur, Hyderabad, Kolkata etc apart from metros.
Also, the company is seeking to extend its footprint to international locations such as London, New York, South Africa, Japan, Abu Dhabi, Kuwait etc. Currently, Kimaya has two franchise stores, one each in Chennai and Surat respectively along with established presence via owned stores in various metros.
Kimaya Fashions Private Limited announced that it has received investment commitment of Rs60cr from Franklin Templeton Private Equity Strategy (FTPES), a rupee denominated private equity portfolio managed by Franklin Templeton Asset Management (India) Private Limited, (FT India), and advised by Darby Asia Investors (India) Private Limited (Darby India). The transaction details were not disclosed.
Promoted by Pradeep Hirani and Neha Hirani, Kimaya is India’s largest luxury fashion house and operates high-end designer stores, primarily focusing on Indian ethnic women wear. It currently manages more than 35,000sqft of premium retail space across India and Dubai. Having consolidated its position in major metros of the country, Kimaya is now set to expand its footprint to tier two cities.
The new prêt label will be committed towards making Indian designer wear accessible to a much wider consumer base across the country. Kimaya also has concrete plans to increase its footprint in the international market by opening company-owned and franchise stores in the leading fashion destinations of the world.
In compliance with the increasing use of technology and the internet by fashion conscious digital consumers Kimaya is launching an e-commerce site that will overnight amplify its presence worldwide. The site will use state of the art, secure techniques and a user friendly interface that will revolutionize the buying patterns of fashion aficionados across the globe.
Mrs. Neha Hirani, Managing Director, Kimaya Fashions Private Limited commented, “Kimaya’s commitment to provide the best of Indian designers to its discerning clients will now enter another level. The real India is not only in the Metros but also in tier two towns like Ludhiana, Chandigarh, Pune, Lucknow, Nagpur, Kochi, Jaipur and the likes. Our focus next will be on achieving pan India penetration and presence where the demand for Indian designers is twofold the supply.”
The luxury product market in India is in a nascent state and has grown significantly at a CAGR of 22% over 2007-2009, in spite of the global economic downturn. As per a recent report by CRISIL and Kotak Wealth Management, the number of ultra high net individuals in India is expected to triple by 2016 which is likely to drive the growth in the luxury products market. According to A. T. Kearney, the luxury products market in India is likely to register growth at a CAGR of 23% through to 2015. Furthermore, the cause has been provided an impetus by Government of India’s decision to allow upto 51% FDI in multi-brand retailing which is certain to fourfold the turnover of the entire sector.