Louis Vuitton Moet Hennessey launches yacht business in India
Mumbai: Louis Vuitton Moet Hennessey (LVMH) Group`s yacht making 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 Rs 4 crore, while at the higher end, the price can go up to Rs 30 crore.
"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, told reporters here.
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 here.
Princess, the UK-bsed company, which was bought over by LVMH in 2008, is also designing a 39-footer yacht, which will be its smallest. It will help attract more buyers in a price-sensitive geography like this, Barrow said.
When asked if the entry into India is a strategic decision, considering the slowdown in Europe and elsewhere, Barrow avoided giving a direct answer.
However, he said the share of emerging economies like China in the company`s total revenue pie has been growing steadily over the past few years. The company sells its products in 65 countries.
According to Navnit Marines, which has a tie-up with five more yacht-makers, demand for the super-luxury machines continues to be strong even in the present economic situation.
Navnit has sold around 100 yachts of various sizes since its launch in 2002, Kachalia said, and added that absence of supporting infrastructure like marinas is holding back the sector.