Santoni, the high-end footwear label that made its debut in India through a collaboration with Luxerati Retail Pvt Ltd. in 2018, is gearing up to allocate INR 15 crore for the establishment of two additional stores in the country, as stated by Sanjay Kataria, the managing director of Luxerati Retail Pvt Ltd.
The Italian brand, which opened its first store at DLF Emporio, plans to open its next store in Mumbai this year and in either Hyderabad or Bengaluru over the next 2-3 years.
“This is the right time to open our next store as we have observed 15 per cent year-on-year growth and 60-70 per cent new customers coming in monthly. Apart from this, we have also been getting queries from other parts of the country like Mumbai and Hyderabad,” he stated.
“Currently, the sales in Mumbai maybe 70 per cent of what we do in Delhi, but I’m the growth is much more now. So hopefully it should be equivalent to Delhi in times to come,” he further added.
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The store in Delhi spans across an area of 800 square feet, and going forward, the brand will be opening stores across 800-1,000 square feet.
Until the last fiscal year, women’s wear accounted for 10 percent of the brand’s revenue, with the remaining 90 percent attributed to men’s wear.
“However, the ratio has changed to 30:70. At present, the net profitability of the brand stands at 15 per cent and we aim to scale it to 20 per cent by focusing on three aspects of the collection now, women’s, sneakers, and bespoke,” he asserted.
“We are also planning to expand the online presence of the brand in India. We will be mentioning the products and their price only for reference purposes. We won’t be linking it to the payment gateway right now and we have no plans to maintain separate stock for online shopping yet,” he further added.
The brand, aiming to reach INR 7.75 crore by the end of this fiscal year, targets revenue of INR 10 crore from the Delhi store and INR 3 crore from the Mumbai store by the following fiscal year’s end, over the span of the next two years.
“Currently, at Luxerati Retail, we have no plans to introduce any other luxury fashion brand here in India,” he concluded.
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