LVMH Group’s yacht-building firm Princess has announced formal entry into India and is aiming to sell up to five luxury boats in the next year.
Smallest of these yachts cost INR40million ($790,000) while at the higher end, the price can go up to INR300million ($6,000,000).
“We will sell four to five yachts in the next 12 months,” Sharad Kachalia, a director at Navnit Marine, Princess International’s distributor for the country.
Princess’s sales manager, Bill Barrow, said it has entered into an exclusive arrangement with Navnit and will sell the entire range of its yachts in India.
Princess, which was bought by LVMH in 2008, is also designing a 39-footer yacht. It will help attract more buyers in a price-sensitive geography like this, Barrow said.