Dubai: Cartier, the French luxury watch and jewellery brand, will soon set up shop in India to cash in on the country’s growing affluence and preference for big brands.
“We are in the process of setting up our boutique in the Delhi region as we have got necessary approval from the government,” Richemont FZE managing director Patrick Normand told PTI here.
The company along with Indian partner Navratna Bharat Retail Pvt Ltd have identified certain locations and are in the process of finalizing the details, he said.
Last month, the government cleared FDI proposal of Richemont Services BV for setting up a joint venture with 51% foreign equity to undertake single brand retail trading business under the brand name ‘Cartier´. The proposal would attract foreign direct investment of Rs20 lakh.
The Richemont’s interests globally encompass some of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc.
Indian market provides the company good growth opportunity as the millionaire population in the country grew by 20.5% last year to about 1,00,000. This was more than twice the rate of increase in number of U.S. millionaires and the world’s second highest after 21.2% for Singapore as per the Merrill Lynch and Capgemini latest annual wealth report.
Buoyed by an over 45% growth in the luxury retail market in India, Richemont Services BV is looking at other regions for setting up its boutiques.
Normand said the company is exploring possibility of opening boutiques in Mumbai, Bangalore and Chennai later.