Love the pic ! Describes beautifully the utopia ( and paradox) of luxury retail for most of India.
Source : The International Herald Tribune
The Hermes ‘Plush Horse’ sells at $490 ! Chrissake, that is twenty three thousand Indian rupees !
I understand Nicole Kidman and the likes buy these gifts for babies of Tom Cruise and the likes. What I don’t understand why anyone who is not on Hollywood ( or Bollywood) should buy the Hermes horsey for little kids to feed to their doggies ?!
America’s bust but the Hermes Horsey is still selling, never mind why ! Also proves that the ultra high end of the luxury market is safe and sound in any economy.
Back home, population of high net-worth individuals was estimated at 1,23,000 in 2007. That is up 22.7 % from 2006, making Indians the fastest-growing wealthy population in the world as per FICCI. It is also estimated by an independent Luxury player that there are about 1.6 million households in India earning $100,000 a year.
Earlier this year I read in the Business Standard that Hermes quietly launched their first store in India in Delhi in May this year at the Oberoi’s in partnership with the wife of PRS Oberoi’s grandson Ashok Khanna. Incidently Khanna also owns the celebrated Ananda Spa. Since they launched too quietly for comfort, I wrote to the Hermes guys asking if they indeed have a store in India. I got back a cryptic reply saying “we currently do not have a store in India”.
I am scratching my head now. Did they come or did they go ?