It’s a bit premature to claim victory, but 2025 could be a record year for sales in India for Bvlgari, the Italian luxury brand’s CEO Jean-Christophe Babin told ET in an interview.
“This is great news, considering the markets,” he said, noting that the international environment is a bit more difficult this year than last year and 2023 “which was a record year post the Covid-19 pandemic with revenge buying.”
“The Indian specialities, which we have created in association with Bollywood star Priyanka Chopra, such as the Kada and the Mangalsutra have been very successful,” Babin said.
“We are the only western brand daring to Indianise offerings, with the precious advice of Indian people, while also taking the utmost caution of not betraying our ethos and DNA.”
Expansion Plan
Bvlgari-known for its high-end jewellery, watches, and fragrances-plans to open three new jewellery stores in India next year.
“Only two jewellery flagships, even though in the best locations of India, are not enough,” Babi said. “We are considering locations such as Bengaluru, Hyderabad and Kolkata. These are the cities where today the appetite and resources for luxury next to Mumbai and Delhi are the strongest.”
The brand is also considering another 5-6 cities like Chandigarh, he said. “My vision is to be present through 10-15 boutiques and 15-20 multi-brand watch retailers in the next three to five years, combined with a much stronger Tata CLiQ and maybe another online platform, which offers us the same quality as Tata CLiQ ,” he added.
This October, Bvlgari is also bringing its Serpenti Infinito Exhibition to Mumbai for the first time, after successful chapters in Shanghai and Seoul.
Babin said the company will look at organising more high jewellery events and trunk shows in India.
“In India, like China, western brands have to fight harder to be successful because they have clients who are more demanding in terms of quality, creativity and resonance,” he said, adding that his company’s approach here has been to create permanent references.
“To copy Indian jewellery would be a mistake, but we could multiply Indian references or Indianise Bvlgari icons. From three references we could go to five to ten,” he said. “In China, we have not developed permanent pieces like India, but have created capsules to celebrate occasions such as the Chinese new year.”
Hospitality Play
Bvlgari could also consider India for a hospitality play, provided the locations are breathtaking and have a “wow and memorable” factor like its recent signings and openings in locations like the Bahamas and Japan, Babin said.
Some luxury brands have reported strong declines this year, while others have reported strong growth or stability, he said.
“If I take the average of key brands, I predict (the year) 2025 to have seen an around -2% decline in performance compared to 2024,” Babin said.
“Some categories can be more resilient. Despite the tariffs, the Swiss watch industry has not collapsed. Overall, global luxury has been quite resilient and has bounced back despite multiple setbacks over decades. It’s the time to gain market share because some brands are divesting,” he added.
