The Indian luxury market is opening up and new cities are making it to the list of cities with the luxury retailers which can be tapped for its potential. If Ludhiana and Chandigarh have been identified as potential markets in the north of the country it is Pune in the west of the country which is ready for high end luxury stores. Blues Clothing Company who are the retailers for Versace and Corneliani in India, want to set up shop in Pune in the latter half of 2011 or early 2012.
After the metropolitan cities in India, Pune provides one of the best market with a young population working in the IT and auto industries. In the recent years the city has transformed into a lifestyle and luxury hub with spas, five star restaurants and pubs and posh residences. The developments in Pune in the last one year on the luxury front are truly remarkable. Ananda in the Himalayas spa has opened a branch in Pune and Sixth Sense Spa and Resorts is scheduled to open there soon. French luxury retailer Hermès has opened its store there a couple of months ago. Panchshil Realty a developer has got Philippe Starck to collaborate on a project in Pune. 12 Five Star hotel properties are at different stages of development.
Pune has the unique advantage of the combination of old and new money. There are several Pune based industrial families that represent old money and the industrial development and the IT revolution has created new wealth as well. There is no doubt that Pune is going to witness a lot more action on the luxury front this year as well.