Fabergé enters Indian market, eyes Singapore, Hong Kong
London’s ultra-luxury jeweller Fabergé, owned by the world’s top emeralds and rubies-miner Gemfields Plc, has entered the Indian market and sell its products by select trunk shows in Mumbai and Delhi.
Products sold in India include a selection of coloured gemstones, emeralds rubies, and sapphires, and timepieces including the award-winning Lady Compliquee peacock watch. Prices range from $5000 to $3 million.
“India and other Asian markets have tremendous potential going by the reactions we got in the last few days. The relationship with Gemfields gives us a leg-up in our ability to deliver wonderful pieces. Asia has largely been an unexplored area for us and expect the next phase of growth to come from the region,” Sean Gilbertson, CEO of Fabergé, told the Economic Times.
Fabergé will open two new outlets this year. Gilbertson said the brand has not been vastly affected by the overall slowdown in the luxury market, as it deals with a smaller clientele, and its average selling price is extraordinarily high compared with most other brands.
The jeweller, which retails through 39 multi-brand outlets including Mayfair and Harrods, is also planning similar trunk shows in Singapore, Hong Kong and Malaysia.
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