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The year 2010 is likely to see top premium and luxury brands from the US and Europe make a beeline for India. Among the first of these to enter could be Spanish brand Zara Basics and US men’s casual and sportswear brand IZOD, with likely sales of products to start by June 2010, according to industry sources.
Other brands, including French label Nina Ricci, Carolina Herrera (US), French shoemaker Christian Louboutin and Italy’s Max Mara, among others, are eyeing India and the fast growing fashion market in Asia in a big way. The Indian luxury goods market is currently growing at a compounded annual growth rate of 25%.
Arvind Singhal, chairman, Technopak, said, “Brands from the western world are eyeing the Indian market for quite some time, mainly for two reasons. First, India has the fastest-growing population of millionaires in the world. Second, brands are starting to focus on new pockets like India where a multitude of cultures, languages, festivals and tastes give it a flamboyant nature. High-end consumer spends are moving upwards in the country.”
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