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Richemont seeks entry into Indias luxury retail market
New Delhi/Paris: Luxury goods group Richemont, whose stable of brands includes jewellers Cartier and Van Cleef Arpels, has applied to open shops in India, joining other global retailers who entered the market since New Delhi relaxed investment rules.
The entry could be a boost for the country luxury retail sector, which represents a tiny fraction of global luxury brands sales but has a fast rising number of wealthy people.
The sector has been hampered by high tariffs, complex legislation and lack of retail space, prompting brands to trade mainly in luxury hotels in Asia third largest economy.
Richemont has applied to enter in the brand retail space, where stores sell only one brand, for an initial investment of $5 million, a senior Indian government official said on Thursday. He also declined to give any indication replica cartier bracelet when a decision might be made on the proposal.
In the single brand sector, India allows 100 per cent foreign direct investment on condition that a imitation cartier 18k gold bracelet third of materials used in products is sourced locally.
"We see India as a market with long term growth potential for Richemont Maisons (brands)," a spokesman for Richemont said in an email sent to Reuters on Thursday.
"There is a growing market of affluent young consumers and the property market is also changing."
Out of the 217 billion euro global luxury goods market estimated in 2013, just over 1 billion euros were generated in India, consultancy Bain Co said.
Should India create a more favourable environment for luxury brands, the market could be worth at least ten times more, some analysts say.
Richemont said it planned replica cartier love style bracelet to meet India 30 percent sourcing requirement through the purchase of polished diamonds for the group as a whole using its India based entity.
No rule change
India first standalone luxury retail store opened in 2011 in Mumbai, a 3,000 square foot store for France Hermes that has an art gallery on the second floor and a glass elevator to travel the two floors.
Single brand retailers such as Britain Marks Spencer have a major presence, riding soaring demand for branded products among the fast growing urban young population.
But multi brand retailers such as supermarkets, which face more restrictions on foreign investment, have been less quick to invest. Earlier this week, the local government of Delhi stopped foreign supermarkets from entering.
Despite the world economic crisis, Geneva based Richemont has had a good run of growth in the last two years, boosted by its expanding retail operation at a time when its wholesale business has seen a more modest rise in sales.
Richemont proposal will now be examined by the department of industry, and if approved, would then be submitted to India Foreign Investment Promotion cartier gold plated love bracelet Board for final approval.
New Delhi will not relax sourcing conditions for the luxury brand, even if it finds it difficult to procure 30 per cent of merchandise from local suppliers, the official said.fashion knockoff cartier gold ring stainless steel
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New Delhi/Paris: Luxury goods group Richemont, whose stable of brands includes jewellers Cartier and Van Cleef Arpels, has applied to open shops in India, joining other global retailers who entered the market since New Delhi relaxed investment rules.
The entry could be a boost for the country luxury retail sector, which represents a tiny fraction of global luxury brands sales but has a fast rising number of wealthy people.
The sector has been hampered by high tariffs, complex legislation and lack of retail space, prompting brands to trade mainly in luxury hotels in Asia third largest economy.
Richemont has applied to enter in the brand retail space, where stores sell only one brand, for an initial investment of $5 million, a senior Indian government official said on Thursday. He also declined to give any indication replica cartier bracelet when a decision might be made on the proposal.
In the single brand sector, India allows 100 per cent foreign direct investment on condition that a imitation cartier 18k gold bracelet third of materials used in products is sourced locally.
"We see India as a market with long term growth potential for Richemont Maisons (brands)," a spokesman for Richemont said in an email sent to Reuters on Thursday.
"There is a growing market of affluent young consumers and the property market is also changing."
Out of the 217 billion euro global luxury goods market estimated in 2013, just over 1 billion euros were generated in India, consultancy Bain Co said.
Should India create a more favourable environment for luxury brands, the market could be worth at least ten times more, some analysts say.
Richemont said it planned replica cartier love style bracelet to meet India 30 percent sourcing requirement through the purchase of polished diamonds for the group as a whole using its India based entity.
No rule change
India first standalone luxury retail store opened in 2011 in Mumbai, a 3,000 square foot store for France Hermes that has an art gallery on the second floor and a glass elevator to travel the two floors.
Single brand retailers such as Britain Marks Spencer have a major presence, riding soaring demand for branded products among the fast growing urban young population.
But multi brand retailers such as supermarkets, which face more restrictions on foreign investment, have been less quick to invest. Earlier this week, the local government of Delhi stopped foreign supermarkets from entering.
Despite the world economic crisis, Geneva based Richemont has had a good run of growth in the last two years, boosted by its expanding retail operation at a time when its wholesale business has seen a more modest rise in sales.
Richemont proposal will now be examined by the department of industry, and if approved, would then be submitted to India Foreign Investment Promotion cartier gold plated love bracelet Board for final approval.
New Delhi will not relax sourcing conditions for the luxury brand, even if it finds it difficult to procure 30 per cent of merchandise from local suppliers, the official said.
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