Tiffany could enter India

LUXURY jeweller Tiffany is in talks to enter India through a 51% joint venture with actress-turned-luxury entrepreneur Reena Wadhwa, who already has a joint venture with Italian luxury brand Gucci.

Wadhwa confirmed she has been in talks with Tiffany’s, but said nothing has been finalised. Tiffany & Co Vice President, Emerging Markets, Laurent Cathala said: “We have been pursuing discussions with potential partners and will announce the details of a business structure in India when we have finalised our plans and have signed the appropriate agreements.”

The company is fighting falling sales in the US and most European countries. During the festival season, better sales in Asian countries helped Tiffany’s post a 7% rise in worldwide sales. The company’s management recently identified India as one of the key markets for the future. “We view India as an attractive long-term growth opportunity for Tiffany’s,” said Cathala, who heads Tiffany’s emerging markets business, which covers the Middle East, Gulf countries, Europe, Africa, Turkey and India, and is based in Dubai.