Signed Strategic Export Contract with Local Company
Accelerating Overseas Expansion Following China, Taiwan, and Vietnam
LF's flagship brand, Hazzys, announced on the 27th that it will enter the Indian market, a country with a population of 1.4 billion. Hazzys aims to target the premium fashion market in India by emphasizing 'luxury casual' style.
Recently, LF signed a strategic export contract with AsianBrands Corp, a brand investment company located in Bengaluru, India. This partnership with a local company that has a deep understanding of Indian consumers and extensive sales and distribution know-how is intended to facilitate LF's entry into the Indian market.
Through this contract, LF plans to open the first exclusive Hazzys store in the second half of this year and operate a total of about 10 stores within three years. Hazzys is the first domestic Korean fashion brand to open standalone brand stores in the Indian market.
The first flagship store will be opened in a prime commercial area in India. The store will include all categories such as men's, women's, golf, and accessories, and will be designed as a space that encapsulates the brand's identity. The products will be showcased mainly around the 'Iconic' collection, which boasts high quality and premium design. The location and size of the store are currently under detailed discussion between the two companies.
This contract is the result of LF's high evaluation of the potential of the Indian market over the past three years and years of market research. As demand for classic fashion among the Indian middle class increases, the premium casual fashion market is expanding. Global brands such as Polo Ralph Lauren, Lacoste, and Tommy Hilfiger are also targeting the premium fashion market. According to McKinsey's 'The State of Fashion 2025,' the growth rate of India's non-luxury market this year is expected to be 12-17%, significantly surpassing the US, Europe, and China.
Hazzys aims to establish itself as a brand that stands shoulder to shoulder with global brands like Polo Ralph Lauren through its premium strategy. Currently, Hazzys is recording high sales growth overseas through its premium strategy. In particular, the 'Iconic' series saw overseas sales grow by 478% in 2023 compared to 2022, and an explosive growth rate of 106% from 2023 to 2024. Last year, the brand's total global sales grew by about 15% compared to the previous year. Hazzys began its overseas expansion by entering the Chinese market in 2007, followed by Taiwan in 2013, and Vietnam in 2017. It currently operates over 530 stores in China.
An LF official stated, “It is very encouraging that, as a Korean representative casual brand, we continue to expand our influence on the global stage,” and added, “We will continue to make full investments so that our first step in the Indian market, which has great growth potential, will bear successful fruit within a few years.”
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