NEW DELHI: Bullish on its prospects in the Indian market, luxury goods major Chanel will expand its presence in the country through shop-in-shops, while hoping to grow its business by 50 per cent annually.
"Our business in India grew at about 50 per cent last year and we expect this high growth rate to continue over the next 3-4 years, after which we would consider a process of consolidation," Chanel India Managing Director Xavier Bertrand said on the sidelines of the FICCI round-table on luxury goods here on Thursday.
The luxury brand has been in the country for the past two years and offers its complete range of products like watches, fragrances, beauty, eye care and fashion accessories.
Bertrand said the company would be expanding through shop-in-shops with Indian retail stores for its fragrance and beauty products.
Currently, the company has four stores and its going to launch the fifth one in Bangalore, which would open next week.
"We would be expanding selectively since we need to find to the appropriate retail environment for our range. We hope to have 15-25 points of sale in retail space in the next three years," he said without divulging financial details.
With an exclusive Chanel boutique in Delhi, the company is working out details to open another boutique in Mumbai.
Laying emphasis on the range that is stocked in the Delhi boutique, he said the company pays special attention to what is being bought and merchandised for the boutique.
"We ensure that the products stocked in the store, while retaining their Chanel uniqueness, also meet the requirements of the Indian consumers," he added.
