Italian luxury brand Versace on Wednesday said it is looking at expanding its presence in developing markets like India despite the global downturn, which has hit its business in the western markets.
"We will keep looking at opportunities in markets where we feel they are growing. India is an interesting and a potential market for us," Versace Wholesale Director Marc Duhm told PTI.
The company, which opened its second store in the country in partnership with Delhi-based Blues Clothing Company, said it is currently in discussion with the Delhi Airport Authority to open its third store at the airport.
Besides, it is also planning to double the size of its store in Mumbai as it is introducing ready-to-wear clothing lines in this outlet, which sells only accessories as of now.
"We are monitoring the real estate market. There are activities happening in the sector again and we see it as an opportunity for our expansion plan in the country," he said.
The Italian fashion house was also among the top international brands that were hit by the global economic downturn and Versace was reported to have posted a loss of Euro 400,000 last year.
"We believe that the slowdown in our business is a temporary one and we will keep looking at opportunities to grow our business," Duhm said.
Blues Clothing Company Executive Director Abhay Gupta said the second store, which has a size of about 4,000 sq ft, is one of the largest outlets of Versace in the world.
