Monnalisa to open its first store in India by September
Betting on the opportunities available in the Indian kidswear market, Italian luxury kidswear brand Monnalisa has inked an agreement with FranGlobal, the worldwide business augmentation of Asia’s largest franchising Solutions Company, Franchise India Holdings Limited, to pave its way into the country. The deal, valued at more than Euro 4 million, will see the establishment of new stores, setting up inventories and marketing of the brand in the Indian market. Monnalisa is planning to open its first store in the national capital, New Delhi. A total of seven stores of the brand, which will compete with labels like Armani Jr., are likely to be set up in the Tier I cities of India in the next five years. Delhi-NCR, Mumbai, Bengaluru and Kolkata are the major locations where Monnalisa’s stores will come up, FranGlobal CEO Venus Barak was quoted as saying.
Currently, the brand has its presence in 65 countries across the globe and is the leading company in the high-market kidswear segment. The proposed stores will sell fully imported products in India. PDM University has been roped in by FranGlobal as the master franchisee for the label in the country. Notably, it was 2006 when Monnalisa first tried to explore the Indian market by signing a licence agreement with a local company but unfortunately, it could not become a reality then. The kidswear industry is growing worldwide. In India and China alone, this product segment is expanding at a 12-15% CAGR while even a saturated market like the United States is growing at 5.7%.