Despite the world wide financial crisis, global leaders of luxury still see India as a potential market.
Sidney Toledano, the President and CEO of Christian Dior Couture, one of the world’s most prestigious fashion and accessory brands from France, said on Friday: “India still is one of the most promising new markets for luxury brands such as Dior.
Along with the rich, the Indian middle-class is also rising with higher income and that is where we see the future market lying.”
“We have been one of the early entrants to this country when we opened our first boutique in Delhi at The Oberoi about three years ago,” he added. “We will expand further in this country by opening more stores in Mumbai and Bangalore, but we will do that in a careful and controlled manner in the coming years.”
Toledano is hopeful that the existing high tariff for luxury goods will come down but is not worried about it. “Even in the case of Russia, China and Japan the case was the same when it opened up for luxury retail. Gradually things got changed and duties came down,” he said.
When it comes to luxury retail infrastructure India has improved considerably, said Toledano. “First it was the hotel shopping arcades and then luxury malls started coming up. We entered the Chinese market in the 90s and now we have 15 stores there,” he said. “Retail ambience is really good in India now. Our store here is as good as the one that we have in Avenue Montaigne in Paris... Even if a high street is not here high end malls can fill that gap. It doesn’t have to be a luxury ghetto, but if the place offers like-minded brands that will be the best to have.”