Italian family fashion retailer OVS S.p.A is betting big on India, with plans to make it the company’s largest market outside its home country.
The move signals confidence in India’s growing apparel market—even as competition intensifies from global and domestic players.
“They’re (the parent company) looking at investing in India in a way that India should become the number one subsidiary outside Italy,” said Sundeep Chugh, managing director, OVS India Retail Private Ltd.
While the total India investment has not been disclosed, the parent had earlier flagged India as a priority growth market. “We are focusing in new markets like India. This is the most important, market where we are putting energy and some CapEx,” Stefano Beraldo, CEO, OVS S.p.A had said in a December 2025 investor call.
India revenue contribution is not yet available, as the company has been operating in the country for less than one full year.
While positioned as a family brand, OVS skews young. “Almost 65 to 70% of customers are 18 to 34 and 85% of our customer base is below 44,” Chugh said. Women account for around 45% of customers. The kids segment is a standout performer.
“Women are around 45% of the customers. Normally, the kids section in competition brands is 10-14%, but for us it’s hovering between 20 to 25%,” said Chugh, who previously led Benetton in India and more recently worked with Biba and Costa Coffee under Devyani International.
On pricing, it sits between value retailer and Japanese brand Uniqlo in India, with average products priced at around ₹2,000.
Chugh was speaking at the opening of OVS’s second flagship store in India, located in Borivali, Mumbai. The brand identifies as a “family fashion” retailer offering clothing for women, men and children.
Its choice of Borivali—a residential hub—over high-rent locations such as Bandra and South Mumbai reflects its mass-premium positioning.
OVS, which holds over 10% market share in Italy, plans to deepen its India presence gradually. One more Mumbai store is expected in the coming months. The company is targeting four new stores in 2027, with faster expansion thereafter.
The Mumbai store at Sky City mall spans over 11,000 sq. ft, while its first India store in Delhi measures over 9,000 sq. ft. “The investment (on physical stores) is quite significant. One store would at least take half a million euros, and the investment is entirely from the parent,” he added.
For now, the strategy is offline-led. “Our website will take another 12 to 18 months,” Chugh said. “That will also create an online presence which is under our control and maybe 2-3 years down the line we’ll see, if we also need to get into a sort of a multi-channel channel strategy,” he added.
Competitive landscape
OVS has entered India without a local joint venture partner—at a time when many international brands prefer alliances.
Major retail groups such as Reliance Retail sell global labels including Superdry, Gap and Marks & Spencer. Aditya Birla Fashion and Retail retails Forever 21 and American Eagle, while Trent of the Tata Group operates Zara through Inditex Trent.
The market is also crowded with value-focused Indian chains such as Zudio, V2 Retail, Vishal Mega Mart and Yousta. “Their focus on competitive pricing and retail expansion, even in smaller towns, is reshaping the retail landscape and bridging the gap between premium and unbranded segments,” according to management consulting firm Wazir Advisors in a January 2026 report.
Recent performance of global brands in India underscores the market’s unpredictability. Inditex Trent, which sells Zara in India, posted 2% sales growth in FY25, compared with 8% growth in FY24. In contrast, Pvt Ltd reported revenue of ₹1,192 crore in FY25, up 45% year-on-year.
OVS India Retail Pvt Ltd, incorporated in 2025, said it achieved store-level Ebitda positivity within 50 days of opening its first Delhi outlet in October 2025.
Supply and expansion
The company already sources from India and expects that relationship to continue. Accessories contribute 3–5% of revenue currently. The Indian arm is seeking approvals from its Italian parent to introduce additional categories such as beauty and footwear from the global portfolio.
Globally, OVS S.p.A estimates 2025 revenue to rise 7% to €1.74 billion, with Ebitda increasing 20% to €218–219 million.
India’s textile and apparel market is estimated at $184 billion in 2024-25, with the domestic market accounting for roughly 80% of total size, according to Wazir Advisors—offering ample headroom for new entrants willing to invest patiently.