Growth Of Luxury Products Market

Economic Times:

Ashish Chordia loved luxury cars and brands since childhood. He had a passion for cars. Today he is the CEO of Shreyans, which represents world-renowned brands such as Porsche, Audi, Ducati, NetJets, Van Cleef & Arpels, Fendi, and Dolce & Gabbana, among others in India. When he came back from the US after working with consultancy firm Deloitte, he found only a few luxury brands in India. “I saw a business opportunity there and a chance to develop my passion into a business plan,” chuckles Chordia. He’s been at it for four years now. And is literally making a killing with his luxe.

The glitter of the world’s top labels lure entrepreneurs like Chordia. While passion seems to be the biggest motivation, the business opportunities that these labels offer in a booming economy like India, cannot be discounted. Indeed, that’s the premium.

The luxury products market in India was estimated at over $500 million and is expected grow at a CAGR of 28% to touch $1.2 billion by 2010, according to a FICCI-Yes Bank study released recently. The market is further expected to double and reach $2.5 billion by 2015, the study says. Read more.