Bvlgari eyes 10% market share in India’s gold jewellery segment amid China’s luxury slowdown  

Bulgari’s CEO Jean-Christophe Babin shared insights into the brand’s expansion strategy, particularly targeting the Indian gold jewelry market. Adapting products to local traditions, Bulgari aims to secure a significant market share while preserving its identity 

Mumbai: Bulgari, the luxury jeweller owned by LVMH, is turning its attention to India as it seeks to offset weakening luxury demand in China, exacerbated by an ongoing economic slowdown. 

In an interview with Bloomberg TV, Bulgari Chief Executive Officer Jean-Christophe Babin emphasized the company’s plans to expand its footprint in India, citing strong growth prospects and favorable demographics. Currently, the brand operates 13 boutiques or official retailers in India. 

Babin expressed optimism about India’s growing luxury market, predicting it could eventually rank among the top five or top eight markets globally. “We see more luxury to come in the coming months or years,” he said, noting that India’s potential is significant. 

The luxury sector, including giants like LVMH Moet Hennessy Louis Vuitton SE and Kering SA, has seen a decline in sales in China during the first nine months of this year, as the country’s economy struggles to recover from a housing crisis. 

In response, Bulgari is shifting its strategy in China by focusing on expanding its e-commerce presence over the next two years, targeting smaller cities instead of opening new physical stores. Babin acknowledged that China’s oversupply of real estate and excess manufacturing capacity could take several years to absorb before the economy fully recovers. 

Despite challenges in the Chinese market, Babin downplayed the slowdown in the luxury industry, attributing this year’s weakness partly to tough comparisons with an unusually strong 2023, which saw a surge in demand driven by consumer savings accumulated during the COVID-19 pandemic. 
 
The LVMH spearhead has already commented on the brands rejuvenated interest in the Indian market earlier this year. He then claimed that even if the brand is able to tap in a 10 per cent share of India’s gold jewellery market, it would be a huge take-away.  

Babin also acknowledged that more could be done in terms of distribution, adding that small advances can bring big rewards, “India is the number one market for gold jewellery, even if we manage to get 10 per cent of it, it will be huge,” he said.   
 
“There is a way to make our jewellery work in India and among the Indian communities abroad, but, of course, this needs to be done in a way that does not compromise the brand identity. The products we have adapted are representative of Bulgari and work very well,” he said.   

The luxury brand had tweaked its Bulgari necklace and a B.zero1 bracelet to fit Indian traditions so that the products look ‘Indianised’, according to the report. 

 
The Retail Jeweller India News