Tiffany & Co: Eyeing India entry

Iconic US jeweller Tiffany & Co is venturing into India through a 51 per cent joint venture

with actress-turned-luxury entrepreneur Reena Wadhwa. They will float a separate venture to market Tiffany’s business. Wadhwa, wife of investment banker and Ambit Group CEO Ashok Wadhwa also has a joint venture with Italian luxury brand Gucci.

Tiffany & Co Vice President, Emerging Markets, Laurent Cathala says they have been pursuing discussions with potential partners and will announce the details of a business structure in India when they have finalised their plans and have signed the appropriate agreements.

Tiffany’s journey dates back to the days when it started as a stationery and fancy goods store in New York in 1837. Today, it is world’s second-largest luxury jewellery retailer operating around 230 stores world over. It completes the most successful and long journey of 175 years in September this year.

Given the current economic slowdown in the West, the company is witnessing fall in sales, whereas it registered better sales in Asian countries that helped the company record a 7 per cent rise in worldwide sales. No wonder the company’s management identified India as one of the key markets for long-term growth. Tiffany’s is buoyant on capturing the pie of the country’s current $5.8-billion luxury market, where it definitely foresees a positive growth for the company. Meanwhile, Wadhwa had converted her company Luxury Goods Retail into a joint venture with Gucci in 2009, with the Italian firm holding 51 per cent share. Gucci ended a franchisee deal with the Murjanis to form the joint venture.