Financial Daily from THE HINDU group of publications
Monday, Sep 13, 2004
Financial Daily from THE HINDU group of publications Monday, Sep 13, 2004 |
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Marketing
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Retailing Louis Vuitton opens store in Mumbai Our Bureau
The new Louis Vuitton store at the Taj Mahal Hotel in Mumbai. This is the second store in the country. - Shashi Ashiwal
Mumbai , Sept. 12 LOUIS Vuitton Malletier, the luxury brand, sees potential in the Indian rich to be "big shoppers" both domestically and internationally in the next eight to 10 years, according to Ms Prasanna Bhaskar, Retail Manager India, Louis Vuitton Trading India. It is with this view, and based on the response to the company's first flagship store in New Delhi, that Louis Vuitton set up its second Indian store in Mumbai. The opening of the Mumbai store coincided with the 150th year anniversary of Louis Vuitton. "The objective of the company is generating a customer base and building brand loyalty among Indian customers," said Ms Bhaskar. The Mumbai store, located at the Taj Mahal Palace and Towers hotel, houses a large range of the company's products including bags, writing instruments, watches and ties. Louis Vuitton analyses its global revenues by nationality. Increase in market share of any nationality is a key factor in deciding the company's geographical expansion plans, according to Ms Bhaskar. "Louis Vuitton is not very worried about local turnover while formulating its expansion strategy," she said The 170-square metre store in Mumbai has already attracted many potential buyers. "In the last two days while we were in the process of making the final touches to the store, many customers have walked in and made reservation on some of our products," said Ms Bhaskar. Louis Vuitton was proactive in developing the Delhi market when its first store was set up. The market in Mumbai is already well aware of the brand, say company officials. Louis Vuitton evening bags are priced above Rs 15,000 and workbags over Rs 45,000. Its writing instruments cost Rs 13,000 and above, while watches cost over Rs 1.2 lakh, according to Ms Bhaskar.
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