Luxury brands turn their gaze on Indian market
Many firms in Britain are examining the possibility of entering into the Indian market, reports Vijay Dutt.india Updated: Jan 20, 2006 19:31 IST
In an obvious reference to the statement by Commerce Minister Kamal Nath's address and deliberations at the HT Luxury meet in Mumbai, a media report said "brands gave a cautious welcome to India's plans to allow them access to the market this year".
It named firm such as Louis Vuitton and Ralph Lauren among others " who are now turning their gaze on India for their next stage of growth". A Prada spokesman also told The Times that the company was examining the possibility of entering the Indian market, which is " a very important market".
The assessment here is that the Indian retail market grew by about 7.5 per cent last year with the value of sales through shopping malls rising by 30 per cent. At the moment only a few foreign retailers are in the country, like Marks & Spencer, Benetton, Dior and Lacoste through franchised outlets. Now Debenhams, Mothercare and Clarkes are already at planning stages to and open stores via franchises this year. Next is also negotiating for a franchise agreement.
Most retailers in Britain believe that India is a bigger market than China.