Luxury Goods Group Richemont set to tap the Indian market

All companies look out for untapped markets, and India and Latin America have always been pies that everyone wants a piece of. Richemont group is no exception. The company chairman Johann Rupert recently told the journalists that they were planning to expand in India and Latin America and capitalise the markets. The Swiss based luxury goods group boasts of brands such as Cartier and Montblanc.

They have already made inroads in the Asia-Pacific region, but they hope to maintain that momentum and continue to set base in newer markets. According to their sales stats, Europe represented 40 percent of Richemont’s sales, Asia Pacific region constituted 34 percent, The Americas, including both North and South America, constituted 14 percent, while the Japanese market alone added 12 percent to the company sales.

BoE equity analyst Barbara Price-Hughes said the market for luxury goods in India was “massive” thanks to the huge population. But their incomes are growing, which means it is an expanding market as well. The glitch in India would be the regulatory issues, which would require Richemont to have a local partner. She also said that brands such Piaget will be able to establish themselves, as India would need specific high-end areas.

Via: Busrep

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