The Bequest Group, which currently has exclusive partnership rights for Bang & Olufsen in India, is planning to launch Louis Vuitton Moet Hennessy’s subsidiary brand Berluti Paris by November 2017, besides expanding the presence UK-based cosmetics brand Molton Brown and Paris-based perfume house Creed.
India’s share of the global luxury market currently represents 1 to 2 percent, and sales of luxury goods have been growing faster in India than anywhere else in the world in the last few years, according to a report from the Confederation of Indian Industry (CII) and research agency Kantar.
The Indian luxury market grew from US$14.7 billion to a whopping US$18.6 billion last year, at a growth rate of 25 percent year-on-year.
“Berluti is our first association with LVMH. We are in advanced talks with Brunello Cucinelli and other brands”, Bequest Group CEO Gaganmeet Singh told The Economic Times. Singh also added that this strategy is expected to generate sales of Rs 100 crore in the next three years.
The first store of Berluti will be launched at India’s famous luxury destination Emporio mall in Delhi.
The company is also looking at pan India expansion for its brands Molton Brown and Creed. It plans to launch 14 stores of Molton Brown – the luxury cosmetics brand – in cities like Mumbai and Delhi which account for 40 percent of profits for luxury products and services according to the CII-Kantar report.
(Source: Fashion Network )