from Reuters (8/24):
Insight: Luxury retail not part of India's success story
Wed, Aug 24 2011
By Jui Chakravorty
"MUMBAI (Reuters) - When Nita Ambani went shopping for 25,000 pieces of high-end Japanese crockery, she did not go to the Noritake store in her posh neighborhood of southern Mumbai.
Instead, the wife of the richest man in India called a Noritake store in Sri Lanka, where the upscale dinnerware for her new $1 billion home would be far cheaper.
Ambani's decision illustrates why India's growing number of wealthy consumers has not translated into riches for luxury retailers such as LVMH or Prada despite what, on the face of it, looks like a no-brainer." ...
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