Bequest Group to bring luxury brand Berluti to India
India’s luxury retail group Bequest is planning to expand its luxury portfolio by bringing leading brands like Berluti Paris, Brunello Cucinelli and others to India through exclusive partnerships.
The Bequest group, which currently has exclusive partnership rights for Bang & Olufsen in Indi,a is planning to launch Louis Vuitton Moet Hennessy's subsidiary brand Berluti Paris by November this year, besides expanding the presence UK-based cosmetics brand Molton Brown and Paris-based perfume house Creed.
With India’s luxury market growing retailers are partnering with global brands to gain an upper hand in the market. India’s share of the global luxury market is presently 1 to 2 percent, and sales of luxury goods are growing faster in India than anywhere else in the world in the last few years, according to a report from the Confederation of Indian Industry (CII) and research agency Kantar.
The Indian luxury market grew from US$14.7 billion to a whopping US$18.6 billion last, at a growth rate of 25 percent year-on-year.
“Berluti is our first association with LVMH. We are in advanced talks with Brunello Cucinelli and other brands," Bequest group CEO Gaganmeet Singh told the Economic Times.
Singh further said the company expects to generate sales of Rs 100 crore in the next three years.
The first store of Berluti will be launched at India’s famous luxury destination Emporio mall in Delhi. The company is also looking at pan India expansion for its brands Molton Brown and Creed.
It plans to launch 14 stores of Molton Brown -the luxury cosmetics brand in cities like Delhi and Mumbai which according to CII-Kantar report accounts for 40 percent of spending on luxury products and services.
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