Owned by one of the world's top emeralds and rubies-miner Gemfields Plc., Faberge is the latest in the list of global luxury brands such as Burberry and Rolex to enter India, where economic expansion is spawning more billionaires than in Japan, the traditional bastion of ultra-rich in Asia. Delhi and Mumbai, India's economic hotspots, will be Faberge's beachhead in the country, where the jeweler will sell its products by select trunk shows for the uber-rich.
Sean Gilbertson, CEO, Faberge, said, "India and other Asian markets have tremendous potential going by the reactions we got in the last few days. The relationship with Gemfields gives us a leg-up in our ability to deliver wonderful pieces. Asia has largely been an unexplored area for us and expects the next phase of growth to come from the region."
The jeweler, which retails through 39 multi-brand outlets including Mayfair and Harrods, will hold more such trunk shows in Singapore, Hong Kong and Malaysia. Products sold in India include a selection of coloured gemstones, emeralds rubies, and sapphires, and timepieces including the award-winning Lady Compliquee peacock watch.
In its quarterly report for the period ending December, Gemfields stated Faberge’s sales transactions for the period ending 31st December 2016 increased by 48 percent compared to the same period in 2015, while the average selling price per piece increased by 12 percent over the same period.
Faberge will open two new outlets this year.