India: Another emerging luxury market
‘India is a country of gift giving,” says Yves Carcelle, chief executive of Louis Vuitton. “The Taj Mahal was a wedding gift and just recently, a man gave his wife an Airbus.” Carcelle was referring to India’s richest man, Mukesh Ambani of Reliance Industries. the country’s largest private company, who gave the $60 million plane to his wife on her 44th birthday.
While China and Russia are still far bigger draws for luxury brands, India actually leads the world in wealth creation.
International Herald Tribune