Creed, in partnership with LUXASIA, eyes India as key growth market
LUXASIA
, the leading omni-distribution platform for luxury and lifestyle brands in Asia Pacific to enter the offline space.
In India, the brand already has a presence on selected luxury e-commerce platforms like Tata Cliq Luxury and Nykaa.
Highlighting the importance of the Indian market, the 7th generation perfumer Erwin Creed said, "India is an important market for the brand as the luxury segment is growing rapidly, and with luxury malls opening, the luxury landscape is evolving, and this was the right time for us to enter the Indian market."
"Over the next 5 years, India has the potential to be among our top 10 performing markets across the globe," he further added.
The newly launched boutique, which spans across 750 sq.ft, houses more than 45 fragrances for men, women, home, and bath and body, including the globally acclaimed Aventus.
The brand, which was founded in 1760 in London, is planning to open 3 more stores in India, in Delhi, Mumbai, and Bengaluru, over the next 3-5 years.
"Going ahead, we also plan to open shop-in-shops in a few selected department store chains coming to India, like Galeries Lafayette," Satyaki Banerjee, group CEO, Luxasia, said.
Currently, the brand sources 35 per cent of its raw material from Italy and 15 per cent from India.
"We have a long-term relationship with the country, as we have been sourcing jasmine and tuberose from here. We are constantly seeking the best ingredients to continue our legacy, and there are other raw materials like Vetiver that we are exploring," asserted Creed.
The brand, experiencing high double-digit growth, from presence in more than 80 countries with 70 boutiques, with the US being its best-performing market.
Globally, 90 per cent of revenue is generated from the luxury fragrances.
Expanding Luxury Segment
As the luxury segment expands in India, LUXASIA, which works with more than 120 brands globally, plans to close this fiscal year with close to 20 brands in India.
"In the luxury beauty segment, India is at a nascent stage. I believe that India is at a growth inflection point, with luxury malls and many interesting multi-brand retail concepts coming up, complemented by a fast-growing online commerce ecosystem. We project that in the next 10 years, the Indian luxury beauty market would grow 3-4 times," Banerjee said.
"And by the end of next year, I believe we'll be one of the largest players in this space," he further added.
Over the next 9-12 months, LUXASIA plans to launch at least six to seven global luxury brands across niche skincare and makeup categories in India.
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