Always dreamt of owning your very own pair of Armani jeans or Jimmy Choo shoes, now you can, that too on EMI!

Have you been a devoted follower of iconic luxury fashion brands like Armani, Jimmy Choo, and Alexander McQueen? Have you always desired to own one of these brands, but shied away owing to the sky-high prices? Well, this definitely will come as great news for you. According to an Economic Times report, you can own these brands, without having to worry about the prices. Yes, that’s correct, take a deep breathe, because now these brands will be available on EMI!

Thanks to the EMI scheme offered by the retailer of luxury fashion brands, not-so-rich buyers can also afford the luxury of his dream. And no, that isn’t the end! If you aren’t comfortable with paying the EMI and you need the dress or shoe temporarily, there’s another alternative. High-end couturiers to make quick money are discreetly renting out expensive designer wears.

Rise in disposable incomes among the upper middle class have inspired a new category of luxury shoppers. As per ASSOCHAM estimate last year, Indian luxury market grew 30% to $8.5 billion (Rs 53,295 crore) in 2013 and is expected to reach $14 billion (Rs 87,780 crore) by 2016.
The ET report further informs, the promoter of multi-brand retailer Kitsch, TSG International Marketing has introduced an EMI service that allows a buyer to split bill payments into instalments of 3 to 12 months.

"There are many aspiring buyers who were admiring what we sell, but either they do not have the disposable income to buy luxury fashion or cannot part with so much money at one go," Charu Sachdev, founder and CEO of TSG International, which also runs an online shopping website RocknShop.com told the financial daily.

With luxury brands such as Bally, Oscar De La Renta, Marchesa, Alexander McQueen and Mohapatra, the e-commerce platform has tied up with credit card companies to provide the EMI option to shoppers.

Genesis Luxury, which markets and retails brands such as Armani and Jimmy Choo, has gone a step ahead.

Besides paying in instalments, buyers of Armani jeans also get a refund of the interest charged by banks. Genesis, which has tied up with banks including American Express, promises the refund within 31 days of buying any product worth over Rs 5,000 at Armani Jeans stores. "There will be an EMI scheme rolled out on Jimmy Choo shoes too, in a week's time. But we do not have the details yet," a store staffer has informed ET. Other retailers have started to explore such means. Popular Indian designers have even gone to the extent of renting out their pieces.
While some people say making highend fashion accessible to more is a good idea, others are of the view that there runs a risk of brand dilution.

"We see a trend wherein the most iconic names of the fashion industry do not mind renting out. Even the consumers do not mind a Rs 5-lakh lehenga for Rs 1 lakh for one-time use," said a fashion industry stakeholder who chose to remain anonymous.

(Image: Reuters)