Bindu D Menon
New Delhi, Sept. 2
French luxury brand Hermes International has said the luxury market in India is developing in the “right direction” and it is looking to develop the business to keep pace with the retail growth in the country.
The company, which entered India in 2007 through a 51:49 joint venture with Khanna Specialty Retail, has said its investments in India will be in line with its growth expectations. For its fragrances business, it also has a licensing and distribution arrangement with the Kolkata-based Beauty Concepts India.
“India is a complicated market. The luxury market is evolving in the right direction and going forward we will be investing substantially to achieve sustained growth in India,” Mr Jean-Philippe Collin, Export Regional Director-Middle East, Hermes International, told Business Line. He said the growth in the fragrances business has given it an opportunity to relook at various business models. “We are present at 12 point of sales in India now. These are tie-ups with various retailers to sell our fragrances range,” he said, adding that the company would add two more shop-in-shops. The company has its lone standalone boutique in the Capital's Oberoi hotel.
“Our joint venture helps us to retail products such as cosmetics, perfumes, readymade garments, leather goods, footwear, lifestyle products, jewellery, silk items and bags, among others things,” Mr Collin said.