“Today’s India is the China of twenty years ago”

Impossible to miss the green window display, with the “Ladurée” seal in gold letters. In New Delhi, the French brand’s iconic store, opened in September 2021, is located in Khan Market, one of the most exclusive neighborhoods in the Indian capital, where ministers and rich Indians come to shop. Inside, speakers blast French hit songs from the ’60s, such as Douliou-douliou Saint-Tropez. “The songs currently playing at Ladurée Champs-Elysée are exactly the same”says Chandni Nath Israni, head of the Indian franchise. And like in Paris, the prices are exorbitant. A macaron costs 240 rupees, or 2.60 euros, in a country where 60% of the population lives on less than 5 dollars (4.50 euros) a day.

“We are targeting what we call the “greedy class,” those who are willing to spendadmits Chandni Nath Israni. And the clients are there. When we opened our first store, people lined up. » In less than three years, the French patisserie has opened four stores in India and is preparing to open a fifth in Kolkata in October. By 2025, Ladurée should have a dozen tea rooms. “The luxury segment itself is very limited, but the segment of consumers who aspire to luxury is untapped. “This is where the opportunity lies.”says Praveen Kenneth, founder of Beautiful India, a luxury goods brand, and former CEO of Publicis India.

With 1.4 billion inhabitants and an average growth of 7.3% over the last twenty years, India is a coveted market for companies that mainly target the wealthy. This is a small part of the population, but it represents considerable volumes. According to a study by Goldman Sachs, published in February, the number of consumers considered wealthy will increase from about 60 million people in 2023 to 100 million in 2027. The latter are defined by the American investment bank as those who earn around $10,000. per year. per person, who have credit cards and who fly at least once a year.

From large groups to SMEs, India is home to 716 subsidiaries of French companies. This figure is still low compared to China, which has 2,100, almost three times more. However, the majority of emblematic companies are present on the subcontinent: 37 companies from the CAC 40, but also dozens of SMEs and medium-sized enterprises (ETI), as well as more than a hundred self-employed workers.

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