"India is becoming the beacon of the future," said Tikka Shatrujit Singh, advisor to the chairman of Louis Vuitton company, a French leather and fashion brand, that is set to expand its footprint in the country.
An environment has now been created for consumption of high-end luxury goods and services, UB Global CEO Shashikanth said, which is all set to roll out a luxury retail project, UB City-Collection, in first quarter of next year.
"The group had already signed up 10 international brands, including names like Dunhil Gucci, Mont Blanc, Van CLeef, Arpels, Zegna and would bring in 12
others, Shashikanth added.
The luxury retail market, which is currently in its nascent stage was roughly estimated to be around Rs 1,500 crore (Rs 15 billion) and expected to grow at 20 per cent in next five years.
The booming stock market and the recent news that India's leading industrialist, Mukesh Ambani, had even overtaken Bill Gates, to become the richest person in the world, is an indication that the country was ready for that ultimate 'haute couture' experience, Vivek Kaul, Retail and Leisure Advisory of Jones Lang LaSalle retail advisory service, told PTI.
"Indians have become global," he said, adding that the growing exposure to international brands had changed the dice in favour of the luxury retail segment.
