Business Daily from THE HINDU group of publications
Friday, Mar 30, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Mar 30, 2007 ePaper |
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Marketing
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Strategy Gitanjali investing in luxury malls Our Bureau
Mumbai March 29 Gitanjali Group has announced its foray into the luxury retail market through the new entity `Luxury Connexions.' The company will invest Rs 100 crore over the three years to set up luxury malls in eight leading cities across the country. The first mall will open in Hyderabad followed by Mumbai, Bangalore, Delhi, Kolkata, Ludhiana, Chandigarh and Chennai. The luxury malls will house global brands, fine-dine restaurants, spas, international jewellery brands and stores for weddings with personalised services to suit the needs of the crème de la cream. "India is emerging as one of the biggest markets for luxury goods. With the growing pay packages and increasing disposable incomes, the spending power especially on luxury products is on an upsurge. To capitalise on the potential, we have decided to enter into the luxury retail segment," said Mr Mehul Choksi, Chairman, Gitanjali Group. Mr Gaurav Marya, CEO, Luxury Connexions and Lifestyle Group, said, "The launch of Luxury Connexions aims to bring a wide range of international brands to India." Luxury Connexions will also host trade shows, summits and conferences to showcase the best brands, their practices and services.
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