Cartier to open second store in India

Luxury jewellery and watchmaker Cartier is planning to open a second store in India, while creating an opportunity to explore the real potential this country has to offer. Its first boutique was launched in New Delhi, and the range is also available through multi-brand outlets.

While it is scouting for the right retail places and business model to succeed in the country, Cartier is simultaneously investing in marketing activities like curated events showcasing a wide range of vintage cars and motorcycles owned by Indian collectors.

India's nascent luxury market is set to accelerate next year, crossing the 10 billion dollars (Rs 62, 400 crores) mark, boosted by a new breed of wealthy “closet” consumers whose spending power is increasing, a report released by market researchers IMRB and the Confederation of Indian Industry states.

While ecommerce is in growth mode with players like Flipkart, Amazon, Snapdeal fighting for a larger pie, luxury labels present in India are keeping themselves away from being lured by the reach of this medium. Fear of fakes is a major concern among them. Also government policies do not allow brands with foreign direct investment to sell online.