Jewellery maker Tiffany & Co is finally entering India after years of speculation.
“That’s a big market, not only for the number of people, but also because it’s a very fast-growing middle class that we know is a driver of growth in luxury,” Chief Executive Officer Alessandro Bogliolo said in an interview on Wednesday.
The company is looking to target the emerging middle class that are global travelers familiar with the label’s most popular designs and Western style, Bogliolo said. “It is the right time to enter India,” he added.
India is the world’s second-biggest gold jewelry market. “India is a market with a huge local tradition for jewelry, but our offering is not to compete with local designers, but more to bring the international appeal of the brand,” he said.
Tiffany will be starting with two stores initially, one in New Delhi and another in Mumbai. It will be selling silver, gold & diamond bracelets, necklaces, rings along with high-end gemstones.
Tiffany is entering India with a joint-venture with Mukesh Ambani-owned Reliance Brands. Reliance already has partnerships with many international luxury brands such as Coach, Michael Kors, Burberry, Bottega Veneta and Hugo Boss.
Tiffany sells only through its own stores around the world. It has 325 directly-owned retail locations globally.
“It’s quite an important investment in inventory, because of all the diamonds,” the CEO said.
