Hazzy’s debut in India in collaboration with Asian Brands Corporation
LF's flagship brand, Hazzys, is making its debut in the Indian market, aiming for significant growth as it celebrates its 25th anniversary. The brand plans to establish itself as a leader in ‘premium casual’ fashion globally.
LF has recently signed a strategic export agreement with Asian Brands Corporation, an Indian company, to facilitate its expansion. Hazzyswill open its first standalone store in India in the latter half of this year, with plans to launch over 10 stores within the next three years. This marks the first time a Korean fashion brand has opened its own dedicated store in India.
Based in Bengaluru, India, Asian Brands Corporation is a brand investment firm. This venture is the result of LF's three-year market research into India. The Indian premium casual fashion market already features international brands such as Polo Ralph Lauren, Lacoste, and Tommy Hilfiger, and there's a strong demand for classic fashion among the growing middle class. Hazzys intends to introduce its ‘Iconic’ collection, leveraging its successful strategies from other Asian markets like China, Taiwan, and Vietnam.
According to a McKinsey report, India’s non-luxury fashion market is projected to grow by 12 per cent to 17 per cent this year, surpassing growth rates in the US, Europe, and China. The luxury sector is expected to grow by 15 per cent to 20 per cent. India's middle class, numbering 430 million, presents a significant consumer base.
Hazzys has achieved high growth rates in overseas markets like China, Taiwan, and Vietnam. Overseas sales of the brand’s ‘Iconic; series increased by 478 per cent in 2023 compared to 2022, and is projected to grow another 106 per cent from 2023 to 2024. This significantly exceeds the overall growth of the ‘Iconic’ collection domestically and internationally. Last year,
Hazzy’s total global sales grew by approximately 15 per cent.
Since entering the Chinese market in 2007, Hazzys currently operates over 530 stores there. It was also the first Korean fashion brand to enter the Taiwanese market in 2013 and the first Korean casual brand to enter the Vietnamese market in 2017, solidifying K-Fashion's presence in Asia.
