Barking up the wrong tree?

Time magazine recently conducted a Global Luxury Survey and had this to say about India:

For years foreign brands have been put off by this country's high import taxes (up to 50% for watches) and its shabby retail environment (there are no upscale shopping streets and few malls). But today India is experiencing a mall-building boom, perhaps a response to the sharp rise of newly affluent consumers—many under age 25. Analysts at Bain & Co. predict that the luxury market could grow 25% a year over the next three years—a far cry from the days when it was the exclusive preserve of Cartier-bedecked maharajas.



Most often mentioned luxury brands:
Three of the six most often mentioned luxury brands in India are local and cater primarily to men. Survey respondents who were asked to name the most familiar brands off the top of their head listed menswear labels—which can be explained by the fact that the majority of Indian women wear traditional saris. As foreign brands go, Swiss watchmakers have made the deepest inroads into this market, and only one foreign fashion label—Gucci—made the Top 10.

Err, am I hallucinating or did they just call Park Avenue a luxury brand???

Picture and text courtesy: Time magazine