Fashion retailer Austin Reed plans to open a flagship store in Bombay or Delhi within three to five years, having just signed a five-year concession licence with Shoppers' Stop.
Austin Reed is attracted by the growing number of affluent middle- and upper-class consumers in India, where the retail market is developing rapidly, according to international licensing manager Julie Arrowsmith.
Under the licence, Shopper's Stop, which was launched in 1991 by K Raheja Corporation, will stock Austin Reed businesswear in up to 10 of its 13 stores. The aim is for the range to be extended to men's casual and womenswear within three years, said Arrowsmith.
The first four concessions will open in September, with two in Bombay and one each in Delhi and Calcutta. Further concessions will open in Hyderabad and Calcutta next year.
Licensing is an important business for Austin Reed, and royalties from group licensing operations hit£2.2 million for the financial year ending January 31. The retailer also plans a return to mainland Europe after a four-year break, and is considering licensing, franchise and joint venture arrangements.
Austin Reed's relaunch in the UK and its new Regent Street store indicate that now is a good time to re-enter Europe, Arrowsmith added.
The retailer struck a concession agreement in Canada for its Country Casuals brand last year. Austin Reed also has licensing agreements in the US, Japan, South Korea, Taiwan, Thailand, Singapore, Malaysia, Indonesia and Italy.
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