Technoglitch
Core Member
International luxury brands couldn’t have timed it better. After pulling out of the country a few years ago, they are now making their way back, affirming a revival of the economy, rise in purchasing power and clarity in the business environment.
The line-up is impressive: Two years after it left, Italian sports car maker Ferrari returned to India earlier this month, opening two showrooms in Mumbai and Delhi and appointing Navnit Motors as its dealer partner.
Maison Montblanc returned India this month 20 months after it left in the wake of disputes with erstwhile partner Entrack International. This time, Maison Montblanc has sealed a 51:49 per cent joint venture with Titan Company. The plan is to have five boutiques in India by March including two that have opened in Mumbai and Delhi.
Many more brands, which had shut shop are seen returning to India while those that have been waiting in the wings will come too. Menswear brands Alfred Dunhill and Alexander Amosu, besides luxury car maker Maserati and Italian fashion brand Salvatore Ferragamo are some of the global luxury brands in India.
“Luxury products are witnessing the highest percentage of growth in sales. Due to the polarisation of income, people are willing to spend, and brands do not want to be left out,” said BS Nagesh, founder, TRRAIN.
TRRAIN empowers those working in the retail sector and works to achieve immediate and lasting change in the lives of retail associates (workers) in India. “The market is such that no luxury brand can afford to ignore India. The timing could be either now or a few years after,” said Mr Nagesh. The consumption pattern in India is showing a growing trend. This is why one can see rapid growth in the sale of luxury cars and luxury apartments priced over Rs 3 crore in India, he added.
Global luxe brands find India hard to resist - The Hindu
The line-up is impressive: Two years after it left, Italian sports car maker Ferrari returned to India earlier this month, opening two showrooms in Mumbai and Delhi and appointing Navnit Motors as its dealer partner.
Maison Montblanc returned India this month 20 months after it left in the wake of disputes with erstwhile partner Entrack International. This time, Maison Montblanc has sealed a 51:49 per cent joint venture with Titan Company. The plan is to have five boutiques in India by March including two that have opened in Mumbai and Delhi.
Many more brands, which had shut shop are seen returning to India while those that have been waiting in the wings will come too. Menswear brands Alfred Dunhill and Alexander Amosu, besides luxury car maker Maserati and Italian fashion brand Salvatore Ferragamo are some of the global luxury brands in India.
“Luxury products are witnessing the highest percentage of growth in sales. Due to the polarisation of income, people are willing to spend, and brands do not want to be left out,” said BS Nagesh, founder, TRRAIN.
TRRAIN empowers those working in the retail sector and works to achieve immediate and lasting change in the lives of retail associates (workers) in India. “The market is such that no luxury brand can afford to ignore India. The timing could be either now or a few years after,” said Mr Nagesh. The consumption pattern in India is showing a growing trend. This is why one can see rapid growth in the sale of luxury cars and luxury apartments priced over Rs 3 crore in India, he added.
Global luxe brands find India hard to resist - The Hindu