HAZZYS, the representative brand of LF, is entering the Indian market. This year marks the 25th anniversary of HAZZYS, which plans to seek a second leap in the global market by promoting 'premium casual.'
LF recently noted that it has signed a strategic export contract with the local corporation 'Asian Brands Corporation' for HAZZYS. LF will open its first stand-alone HAZZYS store in India in the second half of this year, aiming to operate a total of more than 10 stores within three years. This is the first time a domestic fashion brand has opened a stand-alone store in India.
Asian Brands Corporation is a brand investment company located in Bengaluru, India. CEO Ajanata Seti is a business expert with deep understanding and strategic insight into the Indian market based on business experience with global sports brands such as Nike and Lacoste.
This contract is the result of LF's research on the Indian market that has been underway for three years. Currently, global brands such as Polo Ralph Lauren, Lacoste, and Tommy Hilfiger have established a presence in India's premium casual fashion market. There is a high demand from the local middle class for classic fashion. HAZZYS plans to introduce its 'Iconic' collection in the Indian market, leveraging the successful know-how from Asian markets like China, Taiwan, and Vietnam.
According to a report by global consulting group McKinsey, India has strong growth potential in the fashion market in the future. This year, the growth rate of India's non-luxury market is expected to be between 12% and 17%, significantly outpacing the U.S., Europe, and China. The luxury sector is projected to grow by 15% to 20%. Notably, the middle class population in India reaches 430 million.
HAZZYS has recorded high growth rates in overseas markets such as China, Taiwan, and Vietnam. The 'Iconic' series saw a 478% growth in overseas sales in 2023 compared to 2022. It is expected to increase by 106% from 2023 to 2024. This figure greatly exceeds the overall growth rate of the Iconic collection, both domestically and internationally. Last year, the brand's total global sales grew by approximately 15% compared to the previous year.
Since entering the Chinese market in 2007, HAZZYS currently operates over 530 stores. In 2013, it was the first among domestic fashion brands to target the Taiwanese market. In 2017, it was the first domestic casual brand to enter the Vietnamese market, enhancing the status of K-Fashion in the Asian market.