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G.R.N. Somashekar

Mr Yves Carcelle, Chairman and CEO, Louis Vuitton, at the opening of its store at UB city in Bangalore on Thursday. —

Our Bureau

Bangalore, May 22 Luxury malls will drive global luxury brand Louis Vuitton’s expansion plans in the country.

Speaking to news reporters here after the launch of its third store in India, the first one in Bangalore, Mr Yves Carcelle, Chairman and CEO of the company, said, “We know that a certain number of projects (of luxury malls) are going on in other cities and are following them carefully.”

Louis Vuitton, which opened its first store in India in 2003 in New Delhi, followed by Mumbai and now Bangalore, will soon launch its second store in Delhi, and is considering a presence in Chennai, Kolkata and Hyderabad.The luxury brand’s starting price point would be €100 (Rs 6,000), Mr Carcelle said. Though Louis Vuitton introduces all its products at the same time across the world, luxury ready-to-wear will not be launched immediately in India. “Because the sari is still a preferred garment here,” he said.

Commenting on Louis Vuitton’s plans to pick up a minority stake in the Puducherry -based leather goods maker Hidesign, he said that it was an investment that the group makes, betting on the future of India. “It has nothing to do with Louis Vuitton strategy in India. India is a dynamic economy and the group will make some other investments as a minority shareholder.” Louis Vuitton’s investment firm is constantly looking at other lines for investments and this could be in sectors such as real estate and wine spirits, he added.

India would not be a sourcing hub, he clarified explaining that all Louis Vuitton’s products are currently sourced from France, Italy or Switzerland.

Mr Carcelle was optimistic that the company would escape the recession and said that it had witnessed double digit growth in the first quarter of this year. “When people are uncertain, we are of eternal value,” he said.

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