DALLAS, Dec 26, 2008 / FW/ — BRIC, which stands for Brazil, Russia, India and China, are the emerging luxury market quartet that has been being constantly wooed by luxury brands for the past several years.
With the U.S. in recession and Europe also in financial woes, luxury brands are looking into BRIC to pick up the slack from the traditional North American and European markets.
Yet according to reports, though China and Russia are proving to be a boom to luxury brands, India is harder to penetrate due to lack of acceptable retail space, high taxes and attitude towards high street fashion.
Washington Post’s ‘Luxury Brands a Tough Sell in Wealthier India has the full story. Continue reading…