Splurge. Because you can now
A RECENT income survey says the number of multi-millionaire Indian families (with more than Rs 1 crore annual earnings) is estimated to have risen by two-and-a-half-times in the last four years.india Updated: Jan 13, 2006 13:04 IST
A RECENT income survey says the number of multi-millionaire Indian families (with more than Rs 1 crore annual earnings) is estimated to have risen by two-and-a-half-times in the last four years. The NCAER survey says the current figure will double by 2010. This explains why fashion houses like Hugo Boss, Ermenegildo Zegna, Chanel and Louis Vuitton have all begun operations in India and are now registering remarkable growth.
And that’s why the Hindustan Times Luxury Summit starting on Friday. Speakers from the house of Gucci, Oberoi, Kenzo, Jimmy Choo, Altagamma and Villa Moda will share their knowledge and experiences, and discuss India’s future as a world class supply base for luxury houses and as a consumer of luxury goods.
Tikka Shatrujit Singh, brand advisor for Louis Vuitton in India, says: "We're seeing a growth rate of 60 to 70 per cent per annum."
Today, India is on the luxury trail and global brands -- associated with fine living and haute couture -- are targeting India as a rapidly expanding market.
"India and Russia are the new emerging markets for luxury brands," says Ashwin Deo, managing director, India and Indian sub-continent, Moet Hennessy. "The consumer base for luxury brands like ours (champagnes, wines, cognacs) is growing by 25 to 35 per cent as consumers are moving towards premium products."