THE CONFERENCE PROCEEDINGS - IFEAT

LuxuryIndia’s luxury market is still nascent because ofsteep import duties of up to 30%, poor luxury retailinfrastructure, expensive real estate, a 51% cap onforeign ownership of a single-brand, retail outletsand customer preferences for localised products.This market is expected to grow at an average of 5-10% through 2014. Foreign luxury brands areexperimenting with localising their products by, forexample, issuing limited edition bags and shoes soldonly in India.A recent luxury brand survey conducted by theNielsen Co. has ranked India third after Greece andHong Kong in the list of most brand-consciouscountries in the world. More than 35% of Indianrespondents said they spend money on luxurybrands.INDIAN FRAGRANCE & FLAVOUR (F&F) MARKETIndian Fragrance & Flavour Market!"#$%"&'"%()*+&,-*.)/-01&!-2%34%/&5,,&6%/)&78&9#$)*:):&7(.*-+)&;%#.)+?0&'"%()*+&!#=-%&,*%=*%/0)+&'2:@&A:4&B*-)/:%"&&8*#.%?0&&A:4@&7@&C@&D)"