LVMH, Louis Vuitton Moet Hennessy, the world leader in luxury with over 60 prestigious brands in its kitty seems upbeat about the emerging markets like India. LVMH is planning to sell luxury boats in India made under its yacht making arm Princess and plans to sell over five luxury boats next year. Starting with Rs. 4 crore ($790,000) the luxury boat price will go up to Rs. 30 crore ($6,000,000).
“We will sell four to five yachts in the next 12 months,” said Sharad Kachalia, a director at Navnit Marine, Princess International’s distributor for the country which has sold around 100 yachts of various sizes since its launch in 2002. He also said that absence of supporting infrastructure like marinas is holding back the sector reported BS.
With an exclusive arrangement with Navnit, Princess plans selling the entire range of its yachts in India. Princess was bought by LVMH in 2008 is also planning 39 foot yacht keeping in mind the price factor.
Amid dampened market sentiments and signs of economic slowdown in European markets luxury brands are fast expanding their network and business in new emerging markets which will help them is reducing the business risk.