Sheetal Mafatlal on Valentino

Some time ago, I interviewed Sheetal Mafatlal (of Mafatlal Luxury - the franchisee and distributors of Valentino India) on retail therapy for my newspaper and asked her about Valentino's plans for India. Reproduced below are relevant excerpts:

Why India
Valentino is the ideal luxury brand for the Indian market because it caters to all age segments and has something for everyone - from the older and traditional consumer to the hip young teenager. Also, its accessories are ideal for sarees, trousseaus and traditional wear, so it adapts very well to Indian sensibilities. Moreover, Valentino is priced the same in India as it is in Europe so that our Indian consumers don't feel the pinch.

On India's luxury potential
Unlike other emerging markets - like China, Russia, Dubai - India has consistently had its share of super wealthy customers. Western luxury brands aren’t new to India either. In their heyday, the maharajas were enthusiastic customers for Louis Vuitton trunks, Boucheron and Cartier jewels as well as Osler Chandeliers. What has changed radically is that there is a burgeoning middle class of 300 million people growing by 25 million each year.

In spite of the maharajas’ opulent purchases of old, India has had a tradition of fiscal conservatism, of saving rather than spending. Yet the combination of a GDP rising at 8 per cent per annum and one of the world’s youngest populations (more than 200 million people between the ages of 15 and 24) means spending power has shifted to those with a fever for fashion. Add to that the booming media in the world's largest democracy bringing brand awareness, plus the reduction of once punitive import taxes, and India is starting to look like a retail gold mine.

Currently, Valentino has only one store at the Shangri-la Hotel in New Delhi, but we're looking for the right location to open Valentino in Mumbai and thereafter in other metros.