Bulgari returns to India with new flagship in New Delhi
Italian luxury house of Bulgari returns to India opening a new store in New Delhi. Bulgari first came to India in 2004 but left the market in 2011. Earlier this year, the LVMH-owned company received approval to set up single-brand retail stores through a joint venture. With an ever-increasing number of shopping malls and the rising number of rich people, the growth outlook for India’s luxury brand market is positive. According to a survey, India’s luxury market is around $14 billion while the global luxury business stands more than $1.5 trillion. Experts say India is the fastest-growing market for luxury goods, expected to grow higher than China in the next four years.
In an interview to Reuters, Jean-Christophe Babin said: Actually, we never left India because the brand has been ever present in watches, multi-brand distribution, fragrances. So, the brand Bulgari has always been in India. The only thing which we have lost for four years has been the jewellery … because it is the core business of Bulgari. We left probably because at that time the then management was a bit disappointed by the results, which was not surprising. Now it’s a different story because you have luxury malls which attract logically, compared to hotels, larger growth.