Swarovski eyes India's luxury real estate for chandelier biz

Crystal jewellery and accessories maker Swarovski Group is planning to roll out six to seven premium chandelier and lightings outlets in India by the end of next year.

Announcing the launch of its first mono-brand lightings showroom in India in Hyderabad, the Euro 3.3-billion group’s executive board member Daniel J Cohen said the firm had identified cities witnessing luxury real estate development to open the showrooms through local partners as it seeks to have a significant presence in the segment.

For Swarovski, India represents a lot of missed opportunities in the past but it also presents a much bigger business opportunity going forward, according to Cohen. “In the next 10 years India would be among the top 10 important markets for us,” he said. After Hyderabad, Swarovski will set up two more lighting showrooms this year, one in Delhi and the other in Mumbai.

These outlets showcase crystal chandeliers in different models and price ranges. At the lower end comes Crystal Empire with prices ranging from Rs 8 lakh to Rs 12 lakh and Hamilton, a group of black crystal chandeliers, priced between Rs 15 lakh and Rs 20 lakh. Other premium crystal chandelier models cost anywhere between Rs 30 lakh and Rs 50 lakh each. The Swarovski Group’s revenues comprise Euro 2.5 billion from its core crystal jewellery and accessories business, followed by Euro 700 million from industrial abrasives.