French luxury labels see a rich market in India

French luxury labels see a rich market in India
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First Published: Sun, Apr 01 2007. 08 08 PM IST
Updated: Sun, Apr 01 2007. 08 08 PM IST
PTI
New Delhi: Targeting India’s rich and famous, top French luxury brands are working out their plans to open outlets in major cities including Delhi and Mumbai.
CEOs of at least a dozen French labels converged here last week to find out the policy fine-prints about opening their shops in the best of India’s fashion and lifestyle hubs and interacted with their potential local partners and senior bureaucrats.
High-end Louis Vuitton, which has its stores in the aisles of five-star hotels in Delhi and Mumbai, would scale up its presence in the national capital.
“Looking at opportunities which India offers, there is potential for a few more stores. Our new store in Delhi would come up in January next year,” Louis Vuitton General Manager (Middle East and India) Damien Vernet told PTI.
Besides Delhi and Mumbai, Louis Vuitton outlets may also come up in Bangalore, Hyderabad, Chennai and Kolkata, he said.
Chanel, which gives its users of fragrances, accessories and apparel an exclusive style statement, wants to expand its business by opening more points of sales, especially in Mumbai.
“We would be expanding selectively since we need to find appropriate retail environment for our range,” Chanel India Managing Director Xavier Bertrand said.
Christian Blanckart, EVP, Hermes International emphasizing on the same added, ‘Luxury is based on Quality, Truth and Signature’. Asian markets have realized that luxury today means more of innovation in quality and are willing to pay for it.”
Asia’s Love Affair with Luxury can be seen from the “Luxe-plosion that is rocking Asia- carrying in its sweep not only the wealthy, as one might expect, but also people from all walks of life. Rolex, Burberry, Tiffany, Armani- these have become an everyday reality for millions of people across Asia”, said Radha Chadha, author of “The Cult of the Luxury Brand”.
The government allows 51% foreign direct investment in the single brand retail. However companies like Louis Vuitton and Hermes have started lobbying for lifting the FDI threshold.
Visiting French Trade Minister Christine Lagarde, in fact, took up the issue with Commerce and Industry Minister Kamal Nath, who said the government would examine even reducing the customs duty on the import of luxury brands.
With inputs from livemint team
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First Published: Sun, Apr 01 2007. 08 08 PM IST
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