By S Bose
The leather industry has made a significant contribution to the Indian economy and is among the top ten foreign exchange earners in the country. Being one of the oldest trades in India, the industry boasts a strong skilled workforce. Indian leather goods have secured a prominent place in the global market due to excellent craftsmanship.
The country accounts for 14% of the world’s total leather production, which includes footwear, leather garments, saddlery, and leather goods and accessories. The total export from India was approximately $5.26 billion during 2022-23, with leather goods and accessories contributing about 20% of that total. The leather industry is labor-intensive, providing jobs to nearly 5 million people. Women make up about 40% of the workforce in the leather products sector.
Kolkata alone contributes close to 60% of the leather goods and accessories exported from India. The city is known for its high level of skill in the industry. However, this expertise is often used by small exporters to copy international products, operating as low-margin fabricators who offer long credit periods.
Meet Yashovardhan Gupta, who, with a knack for identifying opportunities, realized that quality and branding are key factors in earning a reputation while nurturing local talent. In 2012, he entered the space by setting up Torero Corporation and revolutionized the segment.
No longer just a fabricator, Torero became an international license holder for the design, manufacture, and distribution of leather accessories for powerful global brands such as Cross and Police, both large fashion conglomerates. Torero caters to renowned Private Label/OEM customers globally and in India, while also distributing its portfolio of branded leather goods, travel items, and gifts across retail, e-commerce, and trade. “The driver of our success has been an innovative business strategy and the courage to take risks,” explains Yashovardhan. The company’s revenue has grown from just a few lakhs to Rs. 140 crore today.
Yashovardhan was born into a business family in Kolkata. His father ran a leather company called Metropolis Fashions, which was founded in 1988. After earning his MBA from ISB Hyderabad in 2007, Yashovardhan worked for two years at JSPL as an executive officer to CMD Naveen Jindal. He gained significant experience in corporate strategy, traveling across steel and energy development projects and witnessing several M&A transactions. “It was a great learning experience that helped me in the future,” says Yashovardhan.
In 2009, family demands led Yashovardhan to join his father’s leather company, Metropolis Fashion. After learning the nuances of the leather business, he realized that branding was essential for achieving something big. The low margins and exchange rate fluctuations made the business environment tough. He sought better opportunities to add value and worked persistently toward his goal. In 2012, Yashovardhan learned that an old Spanish family-owned leather accessories brand, Torero (meaning “bullfighter”), was up for sale. He convinced his father to acquire the company and began his entrepreneurial journey by creating a new entity, Torero Corporation Private Limited, in December 2012. He was later honored with the ISB Torchbearer award for demonstrating extraordinary ability, initiative, and leadership.
The company gradually built a reputation as a fashion house for leather accessories with contemporary designs of international standards. Yashovardhan met his destiny when Torero bagged the exclusive global license for the design, development, and distribution of leather accessories in 2013 for the 170-year-old luxury brand Cross. Cross, an iconic American brand founded in 1846, is listed on NASDAQ and is known as the official writing instrument of the White House. Torero became the only Indian company to acquire an exclusive global license for Cross’s leather accessories.
“We convinced Cross management to partner with an expert like us in the leather business,” recalls Yashovardhan. “The American giant trusted Torero’s team and capabilities, and they felt we could create a business for them in leather accessories like bags, belts, and wallets.” Torero built Cross’s leather accessories, travel goods, and gifts business from scratch, and Cross openly recognized this achievement. Currently, Torero holds the license for the Cross brand in India and the Middle East.
The Cross brand gave Torero leverage in the international market. In 2016, the company acquired the global license for the Italian high-fashion brand Police for leather goods, travel goods, and leather gift items. Police, a Milan-based brand owned by the De Rigo Group, is a world leader in the design, production, and distribution of prestigious eyewear and other lifestyle products. Over the years, Police has expanded into various categories, including perfumes, watches, jewelry, and leather goods. Police’s ambassadors have included David Beckham, George Clooney, Bruce Willis, Neymar Jr., and Formula 1 champion Lewis Hamilton.
Recently, Police signed Indian cricketer KL Rahul as the brand ambassador for India and the Middle East markets for eyewear, watches, and leather goods. This is the first time Police has roped in a brand ambassador from India.
“Consumers today are seeking authentic fashion and genuine international brands that are professionally distributed and avant-garde enough to showcase their personalities,” says Yashovardhan.
Torero specializes in leather accessories and produces a wide collection of bags, belts, wallets, and shoes in various designs and shades for its licensed brands. The company sources top-quality handcrafted leather and materials from around the world and manufactures its products at eight facilities in Kolkata, employing a workforce of 2,200. Its design team, with immense knowledge of industry trends, has created innovative products like the Antitheft Wallet and Collapsible Handbags, which have won several awards, including the Red Dot Design Award. Torero is the only Indian company to win this award for two consecutive years.
The company has embraced automation and infrastructure improvements to streamline supply chains and ensure better value for consumers. Torero’s three business verticals—exports, OEM for domestic and international brands, and licensed brands—are the core of its operations. Licensed brands contribute 70% of the company’s revenue, with the rest coming from OEMs.
Torero has a global network of 70 key distributors and over 80 outlets in India, including modern trade chains like Shoppers Stop, Fashion Factory, and Metro Cash & Carry. Its products are also showcased in stores such as ECI in Spain, Nordstrom in the USA, and Dubai’s Mall of the Emirates. Additionally, Torero is the exclusive fashion accessory partner for e-commerce platforms like Amazon, Flipkart, and Ajio.com.
Torero sees increasing demand for quality products from non-China sources, particularly from the US, Europe, and India. As travel demand surges, there is significant interest in travel products, backpacks, luggage, leather goods, and gifts in India.
Looking ahead, Torero plans to set up a polypropylene luggage-manufacturing unit in Howrah, West Bengal, with a projected investment of Rs. 10 crore. The unit, expected to be operational by 2025, will have an initial capacity of 2,000 bags per month, which will gradually increase to 10,000 bags per month. The company will manufacture Police brand luggage at this facility and supply products to the industry. “The organized luggage market in India is worth $2 billion and growing at 15% annually. Polypropylene luggage is ideal for the Indian market due to its durability,” explains Yashovardhan.
Yashovardhan’s hands-on approach across the entire value chain has helped the company expand its capacity using the best technology available. His emphasis on marketing and brand-building has firmly established Torero in the market. Rajesh Gupta, Torero’s chairman, commends his son’s hard work and business foresight. “The company’s growth is a testament to Yashovardhan’s capabilities, and I’m happy to see him prioritize employee welfare as I did,” says Rajesh. Sarita Gupta, Yashovardhan’s mother, adds, “I’m grateful for my family and the effort my husband and son have put into this business.”
Yashovardhan balances his work with quality time spent with his family. His favorite holiday destination is Kyoto, Japan. “He’s a good son, a wonderful husband, and a loving father,” says Akansha Gupta, his wife.
Regarding a potential IPO, CFO O.P. Gupta says, “We will seriously consider an IPO when we achieve significant top-line growth.” The company has set a target of reaching Rs. 1,000 crore in revenue within the next five years.
