The French luxury goods house, LVMH (Moët Hennessy Louis Vuitton) has opened its first Louis Vuitton store in India.

The outlet in the Oberoi building in central New Delhi brings the firm’s total store count to 298 in 51 countries. LVMH says it plans to open more stores in India throughout the year and is looking at potential markets in Mumbai, Bangalore, Chandigarh and Chennai.

Yves Carcelle, head of the fashion group said the company would have moved into the Indian market earlier had it not been for the customs procedures which previously made it impossible to import leather goods into the country. He added that he sees India’s potential as being massive.

The move is part of the firm’s strategy to break into countries where the luxury retail market has not yet matured. In 2002, the Asian market, excluding Japan accounted for 15% of the firm’s Eur4.12 billion profit. The Japanese market alone accounted for a third of the group’s fashion and leather goods sales.

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