Cartier to Set up Boutique in Delhi Soon

Cartier, an iconic French luxury watches and jewellery brand, will
soon set up shop in India to cash in on the growing affluence.

"We are in the process of setting up our boutique in the Delhi
region as we have got necessary approval from the government,"
Richemont FZE Managing Director Patrick Normand told reporters.

The company (owner of Cartier brand) along with the Indian partner
Navratna Bharat Retail Pvt Ltd have identified certain locations and
finalizing the details, he said.

Last month, the government cleared FDI proposal of Richemont Services
BV for setting up a joint venture with 51 per cent foreign equity to
undertake single brand retail trading business under the brand name
‘Cartier’. The proposal would attract foreign direct investment of Rs
20 lakh.

The Richemont’s interests globally encompass some of the most prestigious
names in the luxury industry including Cartier, Van Cleef & Arpels,
Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc.

Indian market provides the company good growth opportunity as the millionaire
population in the country grew by 20.5 per cent last year to about 1,00,000.
This was more than twice the rate of increase in number of US millionaires
and the world’s second highest after 21.2 per cent for Singapore as
per the Merrill Lynch and Capgemini latest annual wealth report.

Buoyed by an over 45 per cent growth in the luxury retail market in
India, Richemont Services BV is looking at other regions for setting
up its boutiques.

Normand said the company is exploring possibility of opening boutiques
in Mumbai, Bangalore and Chennai later.

Photo: Market Street, Bhangarh by Himanshu Yogi, licensed under CC BY-SA 3.0, via Wikimedia Commons.