“Multi-brand (luxury) retailers will have to continue waiting for some more time. I don’t know for how long,” said minister of state for commerce and industry Nirmala Sitharaman at the Mint Luxury Conference in Mumbai on Friday. Photo: S. Kumar/Mint
“Multi-brand (luxury) retailers will have to continue waiting for some more time. I don’t know for how long,” said minister of state for commerce and industry Nirmala Sitharaman at the Mint Luxury Conference in Mumbai on Friday. Photo: S. Kumar/Mint

Global multi-brand luxury retailers need to wait longer for India entry

Nirmala Sitharaman's comments came while responding to questions on luxury retailers' interest in setting up stores in India

Mumbai: Global multi-brand luxury retailers like US-based Saks Fifth Avenue, Galeries Lafayette of France, London-based Harvey Nichols and another American retailer Bergdorf Goodman will have to wait longer before they open stores in India.

“Multi-brand (luxury) retailers will have to continue waiting for some more time. I don’t know for how long," said minister of state for commerce and industry Nirmala Sitharaman at the Mint Luxury Conference in Mumbai on Friday. 

She was replying to a question on the luxury retailers’ interest in setting up stores in India.

“Indian traders and suppliers are not ready for the onslaught of multi-brand, be it in food or non-food," said Sitharaman, while explaining the government’s stance.

Mint had reported in March that luxury Saks Fifth Avenue had sent a delegation of senior executives to size up India’s small but fast growing luxury goods market.

According to Boston Consulting Group (BCG), India’s luxury market is estimated to be 2% of the $1.7 trillion global luxury market at $14 billion.

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