Luxury shoe brand Santoni plans to invest Rs 15 crore to expand its retail footprint in India. The burgeoning interest from cities like Mumbai and Hyderabad further substantiates their decision to expand.
The Italian label will unveil its next outlet in Mumbai this year, followed by another in either Hyderabad or Bengaluru within the next 2-3 years.
Sanjay Kataria, Managing Director, says, the burgeoning interest from cities like Mumbai and Hyderabad further substantiates their decision to expand.
The brand has achieved a steady 15 per cent Y-o-Y growth and a substantial influx of new customers, accounting for 60-70 per cent of their monthly footfall. In terms of sales, Mumbai currently contributes around 70 per cent of the brand achieves in Delhi, but Kataria anticipates Mumbai's growth to match Delhi's in the foreseeable future.
In a shift from the past fiscal year, women's wear now constitutes 30 per cent of the brand's revenue, up from 10 per cent, with men's wear making up the remaining 70 per cent. Kataria emphasises a strategic focus on women's, sneakers, and bespoke collections to bolster profitability, which currently stands at 15 per cent but aims to reach 20 per cent.
Regarding their online presence in India, the brand intends to offer product listings with prices for reference purposes only, without immediate integration with payment gateways or separate stock maintenance for online orders.
The brand aims to close the current fiscal year at Rs 7.75 crore, eyeing revenues of Rs 10 crore from the Delhi store and Rs 3 crore from the Mumbai store over the next two years.
