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“The Princess 54 is ready and is waiting for her owner to take her away. Princess 42 will be coming to India next week,” said Mr Bill Barrow, International Sales Manager of UK-based Princess Yachts International plc.
The Princess 54 is a luxury yacht, parked now at the Gateway of India. Her plush interiors, inviting deck and spacious cabins have attracted prospective buyers from all over India, says an official familiar with the development. In fact, Princess 54 has already been bought by a businessman from Karnataka for Rs 10 crore, he adds.
“The size of Indian luxury yacht market is expected to increase twenty times in the next four to five years from its present size of Rs 500 crore. In the first years, we expect to sell four to five yachts in India,” said Mr Jayendra Kachalia, Director, Navnit Marine Pvt Ltd, at the launch of Princess Yachts in India.
An Asia-Pacific Wealth Report 2011 released by Merrill Lynch Global Wealth Management and Capgemini says, the wealth of High Networth Individuals (HNIs) in India grew by 22 per cent to $582 billion in 2009-10, from $477 billion in 2008-09. “HNIs are the core target audience for our brand. According to our estimates, India currently has 80,000 HNIs and they are increasing by 16,000 every year. The share of emerging countries in the overall luxury yacht market is also growing,” said Mr Sharad Kachalia, Director of Navnit Marine Pvt Ltd.
Princess Yachts is offering a range of yachts right from Fly bridge to MotorYachts, M Class Yachts and V Class Sports Yachts. “We feel that the Fly bridge is the best-suited yacht for the Indian tropical climate,” said Jayendra.
With the desire to own a “dream boat,” India's nueva rich are also eyeing the luxury yacht space. “The price of these yachts ranges anywhere between Rs 4 crore and Rs 30 crore,” said Sharad. The main competitors to Princess Yachts in India are Ferretti and Azimut, both of which have sold luxury yachts to many HNIs/industrialists.
Whisper marketing
“In India, advertising channels for these upmarket products have not developed enough. It is important to have the correct partner (referring to Navnit Marine),” said Barrow.
Navnit Marine is a part of the Navnit Group that deals in top-end brands such as Rolls Royce, BMW, Land Rover and the like. “We use the concept of “whisper marketing” to sell our products. We have already established our base of top notch customers who will be prospective buyers of the Princess Yachts,” said Sharad.
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