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Luxury brands Philipp Plein and Billionaire to enter Indian Market within the year

The project is likely to be a joint venture between Bequest Group and real
estate firm Bhutani Infra

International luxury brands Philipp Plein and Billionaire inked
a deal with New Delhi-based Bequest Group to enter the Indian market
within the year. The group is slated to open its Philipp Plein and Billionaire
stores in Mumbai and Delhi before the end of the year.

The luxury clothing brand offers high-end clothing for men, women and
children. It also has lines of jewellery, accessories and a home collection.

The business that started in Munich in 1998 by founder/designer Philipp Plein,
is headquartered in Lugano, southern Switzerland and has over 92 showrooms
across 28 countries in Europe, US and parts of Asia and most recently opened an
outlet in China.

Philipp Plein Group has signed a distribution agreement and strategic
commercial partnership with the Bequest Group which also extends to the online
business.

In the past, Bequest Group has brought Berluti (part of the LVMH group),
Saint Laurent (part of the Kering group), Tods, Brunello Cucinelli, Creed and
Molton Brown to India.

The project is likely to be a joint venture between Bequest Group and real
estate firm Bhutani Infra. Bequest is also said to be in the running for
partnership with Cavalli. However, mails sent to the company did not elicit a
response till time of press.

Typically, companies spend anywhere between Rs 10-20 crore in a top end mall
to set up a luxury store of about 1500-1800 sq ft. in size. Of late, high
operating costs and soaring rentals have been the bane of luxury retailers who
have seen footfalls nosedive post-pandemic.

According to Statista, revenue in the luxury goods market is projected to
reach $8,417 million in 2021 and the market is expected to grow annually at
7.7% CAGR 2021-2025.

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