Word: delhi
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...Jimmy Choo and Gucci are just the latest makers of luxury goods to target India as the next hot growth market, joining Herm?s, Christian Dior, Louis Vuitton, Cartier, Piaget, Tiffany, Moschino and others. Last October, Chanel launched its brand by organizing an exhibition and haute couture extravaganza in New Delhi's tony Imperial Hotel with models flown in from Paris. That same month, Swatch Group introduced its Breguet watches (average price: $30,000) to India, which it hails as one of the world's most enticing growth markets. In January, the Indian government gave upscale retailers a further boost...
...highest wage growth in Asia, according to a study by Hewitt Associates, a global human-resources company. There are now about 1.6 million Indian households that spend an average of $9,000 a year on luxury goods, according to The Knowledge Company, a management-consulting firm in New Delhi. "With multi-income families and increasing international exposure through travel and the Internet, the attitude is changing from the traditional [emphasis on] savings to a spending approach," says Thakran of LVMH. "The expense basket is shifting from necessity to lifestyle products." Younger Indians from wealthier families increasingly match?and even eclipse...
...rapid progress. Upscale watchmaker Tag Heuer, which has averaged 40% growth in India over the last three years, has plans to expand from 80 shops to 120 in 2006; and Jimmy Choo is looking to open 10 shoe stores in India by 2011. The first will launch in New Delhi at the end of 2007, under the terms of a distribution agreement with the New York-based Murjani Group, which also distributes the Tommy Hilfiger brand in India. It helps that more retailing locations are becoming available. Two luxury malls are being planned in Delhi, and hundreds of others...
...other emerging markets such as China. One major barrier is India's stiff tariffs on high-end imports?the tax on imported watches, for example, is 50%. Joseph Wan, Group Chief Executive for Harvey Nichols, the London-based retailer, says India's recent economic growth and indications that New Delhi is prepared to liberalize its markets are encouraging, but adds that prime real estate in Indian cities is too expensive and that tariffs are prohibitively steep. "Harvey Nichols caters to the top 3% of the population, and that 3% are very well-traveled," says Wan. "If my Dolce & Gabbana...
...academic lecture on international economics was just one stop on his week-long trip to India, filled with speeches and meetings intended to strengthen Harvard’s ties to the country.At a conference held by the Federation of Indian Chambers of Commerce and Industry in New Delhi on Thursday, March 23, Summers said India could benefit from playing host to more American students studying abroad.Only 0.5 percent of American university students who went abroad last year visited India, despite its use of the English language and prominence in the global economy, according to Summers.Summers said that an increase...