Despite the newly allowed 100 per cent foreign direct investment in single brand retail, US jeweller Tiffany & Co plans to enter India through 51 per cent joint venture with actress-turned-luxury entrepreneur Reena Wadhwa.

Reen Wadhwa is married to Ashok Wadhwa, an investment banker and CEO of Ambit Group, whose joint ventures include Italian luxury brand Gucci. She has confirmed she is in talks with Tiffany & Co.

Wadhwa had already formed joint venture with Gucci in 2009.

“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,” said Laurent Cathala, Tiffany & Co VP for emerging markets.

“We view India as an attractive long-term growth opportunity for Tiffany’s,” said Cathala.

Tiffany plans to tap the country’s booming luxury market, at present worth US$5.8 billion annually and is expected to grow by 20 per cent to US$14.7 billion by 2015.

It also targets the 3 million affluent households with over US$100,000 disposable income as potential customers.

With 230 stores around the world, Tiffany & Co makes it to be the world’s second largest luxury jeweller after Chow Tai Fook of China. While its sales in the US and Europe are stalled, it gained a seven per cent sales growth in Asia during the festival season.

GB