Italian luxury brand Prada is reported to have been in talks with potential local partners over an entry to India.
“Prada has been in talks with various retail partners in India since a few months, but nothing has been confirmed yet,” said a person close to the development.
The Italian brand is foreseen to gain strong customer base in India as many Indians shop the brand outside the country.
“It’s a brand that Indian consumers are definitely aware of,” said Neelesh Hundekari, a partner at AT Kearney.
India has a luxury market pegged at around US$2.18 billion and is predicted to grow to US$7 billion by 2017, says Euromonitor.