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.

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