Bulgari, the famous Italian brand known for luxury jewelry, watches, and perfumes, is setting its sights on India for growth. The company’s CEO, Jean Christophe Babin, shared in an interview that as demand in China declines, India presents a big opportunity.
Recently, Bulgari launched its first online store in India with Tata CLiQ Luxury. Babin believes India is a strong market for luxury goods, especially compared to other regions facing challenges. He noted that China’s luxury market has matured, leading to slower growth as the economy faces issues like a real estate crisis.
Luxury brands, including Bulgari, are looking to countries outside China to continue expanding their businesses. This strategy, called “China+1,” is gaining popularity among global companies trying to diversify after difficulties caused by COVID-19 and geopolitical issues.
Many luxury companies, like LVMH (which owns Bulgari), have seen sales drop in China due to economic struggles. Reports indicate that discounts on luxury items have reached up to 50% as Chinese consumers are now more cautious with their spending. Even well-known brands are feeling the impact, with billions lost in market value.
While the luxury market in China is declining, India is experiencing an upswing in luxury demand. The wealthy class in India continues to grow, with a new billionaire added every five days. This trend is also spreading to smaller cities where people are becoming more affluent and willing to spend on luxury goods.
According to reports, the number of wealthy individuals in India is increasing rapidly, and many global luxury brands are now focusing on India as a main market. As luxury demand rises in India, it offers a promising future for brands like Bulgari.
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