Steinway Lyngdorf increases focus on India as multi-millionaires blossom

The premium music systems manufacturer opened an exclusive store in New Delhi

As number of dollar multi-millionaires (a person with net worth of over $10 million) rise in India, companies which offer premium products and solutions for super-rich keep increasing their focus in the country. Steinway Lyngdorf (SL), which offers music systems and home theater sound systems, is banking on India. While the company has been offering its products in the country for the last seven years, it is now opening an exclusive store in New Delhi to cater to the increasing need for such products.

"We are present in 25 countries now. While, China and the US happens to be our top two markets now, we estimate India to become the third largest market for our products by 2016", Peter Lyngdorf of Steinway Lyngdorf said. Founded in Denmark in 2005 by Peter Lyngdorf, Lyngdorf Audio procures high-end audio systems and amplifiers. The current partnership emerged when in 2007, the Manhattan-headquartered 162 years old piano maker - Steinway & Sons joined hands with Lyngdorf.

 

"Its been six-seven years that we are selling our products in India. However, with increasing number of super-riches in the country, the demand is going up. And we see India as a very promising market. Worldwide Indians are buying our products too", Lyngdorf said. According to a report by New World Wealth, India is home to 14,800 multimillionaires, after the US (1,83,500), China (26,600), Germany (25,400), UK (21,700), Japan (21,000), Switzerland (18,300) and Hong Kong (15,400). SL has recently launched its products in South Korea and Brazil.