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Three of the six most often mentioned luxury brands in India are local and cater primarily to men. Survey respondents who were asked to name the most familiar brands off the top of their head listed menswear labels?which can be explained by the fact that the majority of Indian women wear traditional saris. As foreign brands go, Swiss watchmakers have made the deepest inroads into this market, and only one foreign fashion label?Gucci?made...
With so many Indian consumers still opting for the traditional sari, it's not surprising that menswear would be the fashion category leading the subcontinent into the world of luxury. There are other factors, like the climate, that explain the popularity of menswear brands like Louis Philippe and Crocodile. In India, shirts are considered outerwear, and these two brands are well-known shirtmakers. Other high-scoring local brands such as Park Avenue, Allen Solly and Reid & Taylor focus mainly on men's business and formal attire (although they do manufacture women's lines and traditional Indian clothing)?which means...
Entwistle threw that logic out with last night's room service. He initially recruited the majority of his investment-banking team from other Goldman offices. They had in common a commitment to make Goldman a player in India's boom. All but two employees are of Indian descent, but they're as likely to have come from New York City, London or Tokyo as Bangalore. Their boss can rely on "a team that knows Goldman's particular systems and culture inside and out," Moniz says. "They only have to get up to speed on the local market...
That confidence may come in handy in the next few months. The U.S.'s subprime woes will have little effect on Indian investors, who have largely avoided leveraged buyouts, unlike their U.S. counterparts, who have been relying on the now shaky credit markets to finance those deals. But if global credit markets tighten, "India won't be immune," says Ernst & Young financial-services analyst Ashvin Parekh. Foreign investors sank $98 billion into India from 2003 to 2006, according to Morgan Stanley, and every major investment bank in the world is chasing that business. Less free-flowing credit will inevitably lead...
Such talk will hardly dampen Entwistle's plans. He's adding personnel rapidly, sometimes an employee a day. Goldman Sachs has also built relationships with Indian universities and M.B.A. programs in an effort to nourish the Goldman culture in India from the ground up. The bank plans to hire most of its India staff locally within the next few years. Previously, the only way to recruit India's top students was by offering them the chance to go abroad. "Now they don't want to miss out on what's going on at home," Entwistle says, "and we can finally...