Luxury+1: Will Bulgari show brands the way from China to India?
Bvlgari, the Italian maker of luxury jewellery, watches, fragrances, accessories, and leather goods, is looking at India to make up for falling demand in China. Bulgari is expanding its footprint in India to take advantage of strong growth and favorable demographics, Bulgari chief executive officer Jean Christophe Babin said in an interview with Bloomberg TV.
In October, Bulgari announced the launch of its first digital boutique in India in partnership with Tata CLiQ Luxury.
«There are other promising markets for luxury, but the size and potential are a fraction of what India might become for western luxury,» Babin had said in an interview. «The luxury market has grown a lot over the last decade and, driven by China, the boom has been extraordinary,» he said.
«But China has reached a certain maturity, and it is undergoing a slowdown which is related not only to oversupply in real estate, but an oversupply across the board. We will get out of it, but given the maturity and the demographics, China like many other territories will normalise to single-digit growth.»
After manufacturers such as Apple, it's now time for luxury brands to go for China+1.
It is a businesses strategy being followed by Western companies wanting to diversify their operations beyond China after the covid disruption and rising geopolitical risks. India is one of the popular Plus One options for global giants.
Read more on economictimes.indiatimes.com
