“Source:- Economic Times”
NEW DELHI: US women’s fashion label Anne Klein is in talks with a host of local companies for a partnership to enter the Indian market this year, a top executive has said.
“We are very excited about the Indian market,” said Yehuda Shmidman, chief executive of WHP Global that acquired the five-decades old apparel and accessories brand in July last year. “We believe that India will contribute a big part of our future global growth.”
Anne Klein already sells its watches in the country in a partnership with Titan. WHP is a $1billion fund set up by investors including Oaktree Capital and Blackrock Capital among others to acquire brands for global expansions.
Founded by fashion designed Anne Klein in 1968, the New York-based brand generates about $700 million in annual revenues. About $100 million out of that from international markets.
Shmidman said his company is aiming to increase Anne Klein’s sales to more than $1billion in the coming years and international expansions and ecommerce are going to contribute significantly to the number.
India will be third country the US fashion brand will enter in 2020 after China and Mexico where WHP has singed long term licensee agreements with local players.
The company is also looking to expand into other Asian, Middle East and Latin American countries. WHP is in “active discussion” with a couple of Indian companies to appoint a licensee for the brand here, Shmidman said.
“Entering through a licensee is indeed the business model that we believe is the best because it leverages the best of the brand, which we bring to the table, and, of course, the critical local knowhow and the experience the local partner brings,” he said.
“We will provide all the brains elements needed and then our licensee in India will be our expert on the ground who will have that role and responsibility to build the stores and ecommerce.”