Luxury A Target For Mumbai Attacks
India's luxury goods industry is reeling from the recent terror attacks in Mumbal. As the Wall Street Journal reports, the Taj Mahal Palace hotel, a luxury hotel, was one of the main focuses of the attack and it is also home to luxury boutiques from Louis Vuitton, Bulgari and Fendi. The Oberoi Trident Hotel, which was also under attack, houses other luxury brands including Salvatore Ferragamo. It has been reported that some of Ferragamo's employees were held hostage. The sieges by Islamist militants, which have left 120 dead and hundreds more injured, focused on wealthy foreigners.
Luxury brands have increasingly looked to India as a growing source of revenue over the last couple of years. The International Herald Tribune had planned its annual luxury conference at the Imperial Hotel, New Delhi, from Dec. 2-4 but that has now been postponed. While most experts don't see a big long-term impact on luxury markets in India after the attacks some do feel that brands may be more cautious about investing in India in the short term.