Faberge, owned by UK emeralds and rubies mining company Gemfields, is the latest in a growing list of global luxury brands to enter India.
It is following on the heels of such brands as Burberry and Rolex as India’s economic expansion spawns more billionaires than in Japan, the traditional bastion of ultra-rich in Asia, reports ET Retail.
Faberge, an ultra-luxury jeweller known for its Easter eggs and tracing its roots back to Russia in the days it had royalty, will set up in Delhi and Mumbai, selling its products through select showings for the uber-rich.
“India and other Asian markets have tremendous potential,” says Faberge CEO Sean Gilbertson. “Asia has largely been an unexplored area for us.”
Faberge, which retails through 39 multi-brand outlets including Harrods and Mayfair, plans to hold more trunk shows in Hong Kong, Malaysia and Singapore.
Products being sold in India include coloured gemstones, emeralds, rubies and sapphires, and timepieces including the award-winning Lady Compliquee peacock watch. Prices range from US$5000 to $3 million.
Founded in 1842, the company was founded by Peter Carl Faberge, who was official goldsmith to the Russian Imperial Court.
In the quarter to the end of December, Faberge’s sales jumped by 48 per cent over the same period in 2015, says Gemfields, while the average selling price per piece increased by 12 per cent.
Faberge has not been affected by the overall slowdown in the luxury market, says Gilbertson, as it deals with a smaller clientele with an average selling price “extraordinarily high compared with most other brands”.