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Bindu D. Menon

New Delhi, Jan. 6 Luxury watch and jewellery maker Cartier has said the high import duties on luxury products were an impediment in expanding into India.

According to Mr Patrick Normand, Managing Director, Cartier India and Middle East, “It is not very exciting to expand in India as the high duty structure means that the luxury companies have to subsidise their products at some point or the other”.

The brand which opened its first boutique in India, said, “Among the many issues that the luxury goods makers are facing in India is of high import duties specifically to countervailing duty.

“When you put all the duties and taxes, it comes to over 70 per cent for the company.

“We would much rather strengthen our presence in markets like West Asia and China.”

On foreign direct investment, Mr Normand said, “We would like to have more opportunity in India. We have deeper interests to invest more in the country as the luxury market here is growing rapidly backed by a large number of high net worth individuals.”

More Stories on : Brands | Watches & Accessories

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