Luxury brand Valentino will set up shop in India

Italian fashion house Valentino will open a shop in India soon. With this it will be the latest to join a growing list of luxury designer houses which have set a shop in the country, especially after a slowdown in the Chinese economy. Valentino will be typing up with IDFS Tradings and at the same time is in talks with DLF Luxury Retail for its retail presence here.

In the last few months, brands like French luxury goods maker Longchamp, Italian bespoke menswear brand Isaia and Swiss watch brand Bovet have been launched in India. Experts point out that the economic slowdown in China, better economic growth and better retail facilities in India as well as the possibilities of an omni channel strategy are some of the factors which have driven luxury brands to enter India. The luxury market in India has been growing at a CAGR of 25 per cent over the last couple of years. For luxury goods, the Delhi-NCR has the highest market potential. Mumbai, Bengaluru and Chennai are the other markets. Even no-metro cities such as Ahmedabad and Chandigarh are also growing in terms of income and propensity to buy luxury goods. India’s number of billionaires and millionaires rank number 4 and 8 in the world respectively.

The growing market will attract more brands in the future. Already, Louis Vuitton, Gucci, Armani, Chanel and many others are present in India.