LVMH forays into India

14 November 2011: Louis Vuitton Moet Hennessey (LVMH) Group’s yacht making firm Princess has made an entry into India. Their aim is to capture the luxury yacht business here. The company plans to sell up to five luxury boats in the next one year. The smallest of such luxury yachts cost around `4 crores going up to `30 crores. It has entered into exclusive agreement with Navnit Marine to sell the entire range of yachts in the Indian market.

US-based company Princess was bought over by LVMH in 2008. It is currently in the process of designing a 39-footer small yacht to woo more buyers in price-sensitive regions like India. The move to enter India is speculated as a measure to beat the slowdown in the Europe and the US markets. It sells its products in 65 countries.

Source: Fashion United