India seeks investment in luxury brands

BIG BRANDS: Commerce Minister Kamal Nath at the Hindustan Times Luxury Conference.

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New Delhi: Is India the last frontier in luxury products? Well if interest from global luxury brands is a benchmark it certainly seems so.

Two trade ministers, Indian and French, a gaggle of the top luxury brands all vying to enter India and sea of suits - usual in the Hindustan Times Luxury Conference. Everyone agrees that India is the final big destination for luxury brands.

But reality is that only a few brands like Dior, Louis Vuitton and Ferragamo are in India inspite of relaxation of laws last year to allow foreign to hold majority stake in their Indian business.

Commerce Minister Kamal Nath said, ”We have kept our part of the bargain, now the brands have to do their part. Here is a chance for Europe to give its consumers a brand emerging in India.”

That's the worry of French minister too.

France Minister for Foreign Trade Christine Legarde said, “It's puzzling that exports of luxury goods to India from France is three times less than that to France.”

Kamal Nath also explained what India's much talked about 9-plus per cent growth and its unique demographics meant for investors in the retail and luxury segments. He said domestic consumption was fuelling India's growth, and not exports, which was quite the case in China.

High tariffs and lack of retail space have till now kept brands away but with India adding around 25 million people - or one Thailand - to its middle class each year, there will be much more action in the luxury space.