Videocon, Porsche and Tanishq in news

By Vipin Agnihotri

Videocon transitioning from electronics to exploration

Videocon Industries has just taken a step ahead by transitioning from electronics to exploration. According to sources, the company is in the race for acquiring London based Burren Energy, which digs oil in Congo and Turkmenistan.

There is a buzz in the Indian media that Videocon has submitted an expression of interest for Burren and believes that Burren’s operation would be of great value and in sync with that of its own. However, Burren of late has discarded quite a few approaches including one from the Italian energy major ENI.

Porsche to expand its operations in India

The German luxury car maker, Porsche is all set to expand its operations in India. And going forward with it, Porsche recently inaugurated a $ 2 million showroom in Mumbai and intends to open similar showrooms at Hyderabad, Bangalore and Chennai. It also plans to open a facility in Mumbai by 2009.

The company hopes to continue its legacy in the sports car segment and intends to take it to a new high. At this moment of time, Porsche’s Cayenne model sells the best, amongst its models in India.

Tanishq all set to enhance its sparkle!

Tatas are all set to capture the niche market with their jewellery brand Tanishq. And assisting them in doing so would be Tanishq’s diamond collection and the luxury store concept. Point to be noted here is that India’s diamond jewellery market is about Rs 100 billion and a good 70 per cent of this market comprises of the ultra rich.

The company is setting up its new stores in specialty malls. The pilot phase would see such stores in five malls across the country. At this moment of time, Tanishq derives 30 per cent of its revenues from diamond jewellery. Tata targets Rs 20 billion in revenues from Tanishq by this year-end from its 110 outlets spread across the country.

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I know luxury and India don’t necessarily go hand in hand, but yet another sign of a growing economy should not be ignored. Below, I have added new luxury brands soon to appear in India for those that want to live the affluent lifestyle.

Vogue magazine

The style magazine for the wealthy worldwide is starting an India edition. I guess this is good news although the models and merchandise shown in this magazine ranges from the extravagant to the down right silly. I’ll let you be the judge.

"We will raise the bar because we are the ultimate style-bible," said Priya Tanna, Vogue India editor.

"More and more confident, successful women are moving from the 'we' culture to the 'me' culture," Tanna said, adding that the Indian woman was now providing for her family and indulging herself as well.

India allows 100 percent ownership in non-news titles and has a 26 percent limit on news publications.

Porsche

Porsche fans will love the entrance of the sports car maker. We covered some other India luxury cars earlier, but we are excited by the entrant of Porsche. Although still a nascent market, the luxury carmakers are planting a stake in the ground to test the market and hopefully build upon it as road conditions and India attitudes change towards luxury autos. We found an informative article on Porsche in India which sums up the automaker’s plans for India.

Volvo India

Leveraging the Ford brand in India is key for the luxury automaker. Volvo expects to double their luxury auto marketshare by 2009 and is starting off with models S80 sedan and XC90 sport utility. We like the automaker and expect them to do well in the long run. Volvo has long been known as a safe, family oriented automobile.

Paul de Voijs said, "we see the luxury car market here more than doubling by 2009 on organic growth, upgraders, new launches and because the segment grows faster in emerging markets," he said.

"You only need to see markets like China and Russia for evidence," he said at a news conference to unveil the vehicles.

Louis Vuitton

Dilip Kapur and his leather accessories firm Hidesign have managed to rope in Louis Vuitton and will help with their supply chain and the setting up of factories. However the two name brands will remain separate on the shelves.

Brand India - Travel

Conde Nast UK picked India as the top ranked destination for travel. If that comes as a surprise to you - you’re not alone especially when “environmental friendliness” was taken into consideration. India will proudly accept the award, but really folks, does India yet top a Paris, London or Venice? These surveys tend to hurt the countries they portray due to a relaxation of improvements. You watch, the government will point to this #1 ranking as a reason not to do certain infrastructure improvements – you watch.

"India was the 10th most preferred destination in 2004, the 4th in 2006 and is now at the top in 2007 and that is where we want to be," says Ambika Soni, minister, tourism and culture. "We are proud and privileged to be the recipients of this prestigious award."

From Conde Nast, “The nominations were judged on a range of criteria particular to each category, from ‘range of accommodation’ to ‘environmental friendliness’.

The influx of British tourisms to India is growing with every passing year and the respondents to this survey are some of the most sophisticated and avid travelers across the world. They form an integral part of the discerning and growing numbers of readers of this widely read magazine, which is considered to be the leading authority on travel and tourism in the UK.”

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