Welcome news for the Indian sub-continent in that Bang & Olufsen has appointed Shreyans Group as its main dealer for the country, a move aimed at expanding its business there. Shreyans Group, which retails and distributes luxury brands such as Ducati, Ferrari and Maserati among others within India, plans to double the number of Bang & Olufsen stores to ten by 2013.
“India is a strategic market with plenty of young consumers. Our master dealer will start distribution of wide range of audio and video systems in the country with the group remaining responsible for investments, training, promotion and expansion of retail outlets” stated Danny F Espersen (Sales, Service and Marketing of B&O) while launching their new Beolit 12 Airplay loudspeaker system.
“We plan to invest Rs. 25 crore to open another five stores by 2013. Our expansion strategy will focus on Tier-II towns as well” said Ashish Chordia, Chairman of Shreyans Group.
Bang & Olufsen set up its first franchise in India in 2005 and currently has five stores in New Delhi, Mumbai, Chennai and Bangalore.
And as dipping sales hit Europe affected by sovereign debt worries and country-wide austerity measures, many European brands are heading towards India in order to seek to expand a greater footprint in the world’s second fastest growing major economy. The trend is not limited to luxury and premium brands. An Aston Martin car, a Louis Vuitton bag or a limited-edition Montblac pen are things that millions of middle-class Indians aspire to acquire fuelled by rising disposable incomes and greater brand awareness.