March 28th, 2009
While the Western markets are faltering, luxury retailers are searching for the next location to sell their high-end goods, and it looks like India might just be the place.
While India makes up just 0.4 percent of global luxury good sales, the market is growing at 25 percent a year, according to a recent Bain & Co. study.
There are 1.5 million households in India who could afford luxury goods, compared with 1.6 million households in China, according to McKinsey.
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