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W20540

LLADRÓ: JOURNEY OF A LUXURY PORCELAIN BRAND IN INDIA

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Ankita Tomar and Priyanka Joshi wrote this case solely to provide material for class discussion. The authors do not intend to illustrate
either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying
information to protect confidentiality.

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Copyright © 2020, Ivey Business School Foundation Version: 2020-07-02

According to The Economic Times, “India is now among the top five markets for the Spanish luxury figurine
brand Lladró.”1 Headquartered in Valencia, Spain, the company officially entered the Indian market in 2006
through a joint venture (JV) to satiate the demands of Indian luxury buyers by offering a vast array of porcelain
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collections. Throughout its journey in the Indian market, Lladró SA (Lladró) embraced several strategies, such
as offering an India-focused “Spirit of India” product collection, carefully crafting distribution through boutique
stores in select cities and employing experience-driven marketing to attract buyers.

“Some of our current deliberations include getting our brand into better locations, tapping into [a] younger
audience through product diversification, and working on design pieces,” said Nikhil Lamba, chief
executive officer (CEO) of Lladró India. By the end of 2019, the Spanish brand was committed to its future
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expansion in India but needed to address some pertinent questions to further fuel its future growth in one
of the world’s most promising luxury markets. What marketing strategies needed to be adopted by the
company to help drive profits and further expand its base in India? What strategies did Lladró need to adopt
to target millennial luxury buyers in India? Would the company benefit from its expanding product portfolio
or run the risk of diluting its “exclusive luxury” image with this growing product portfolio?
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LLADRÓ: THE HISTORY

Lladró, a Spanish company founded in 1953 by three brothers—Jose, Juan, and Vicente—was a global
luxury art brand specializing in handcrafted porcelain figurines. The company was a world leader in
designing and manufacturing high-quality artistic porcelain creations, handcrafted in Valencia, the site of
the only Lladró factory in the world. All products were handmade, fusing traditional and cultural art, and
took various forms, including sculptures, lighting, home accessories, and jewellery.

The Lladró brothers were born into a farming family but enrolled themselves in the Valencia School of Arts
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and Crafts, where they took an interest in porcelain manufacturing and, in the process, created their formula
for porcelain paste. They began to craft ceramic flowers and sell them in the local market, and they soon
began to produce porcelain figurines. By 1958, they had set up a factory in Tavernes Blanques, laying the
foundation to what would become known as the Porcelain City, home of Lladró’s porcelain art.

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The brothers limited production runs either by volume or period and documented each statuette’s rarity and

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history in their catalogues.2 Over the years, Lladró perfected techniques such as single-firing, creating pastel
tones, and using new materials such as gres and matte porcelain. They were constantly conducting research
and development on different materials, finishes, and colours, and the ingredients involved in the
manufacturing process were kept under heavy guard.

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International Expansion

Lladró’s international expansion started in the early 1970s, and the company was present across five continents
by 2019. Lladró made its first effort in international expansion in 1973 by acquiring a 50 per cent stake in the
U.S. company Weil Ceramics & Glass, Inc., and later acquiring full control of the company.3 After gaining a
stronghold in North America, the brand continued its expansion in Europe in countries that had a strong tradition
in porcelain, such as the United Kingdom and Germany.4 The popularity of Lladró creations within Anglo-Saxon

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culture helped facilitate its entry into New Zealand and Australia.5 Expansion into the Japanese market started
in the 1980s when Lladró entered into a JV with its distributor, Mitsui. The process of internationalization
steadily continued in emerging markets, such as those of Russia, Eastern Europe, and China.

By the early 1990s, the company earned the Prince Felipe Award for internationalization, with sales
surpassing 1.5 million pieces which sold across 140 countries accounting for 60 per cent of all Spanish
porcelain figurine exports. The year 2014 ended with eight new openings around the world, including in
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Hong Kong, Osaka, St. Martin, Panama, Guatemala, Teheran, Istanbul, and St. Thomas. Some of the most
recently opened Lladró stores were located in the world’s biggest financial cities such as New York,
London, Tokyo, Singapore, Shanghai, and Madrid.

Evolving Product Portfolio

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Lladró prepared for two main launches every year—for the spring/summer and the fall/winter—with
approximately 100 new creations and other pieces introduced throughout the year. The company’s first
release of an annual limited-edition series coincided with the formation of the Lladró Collectors’ Society
in 1985. Its pieces were gradually gaining popularity among the world’s collectors, and some pieces were
added to the collections of world-renowned museums such as the Brussels Royal Museum of Art,
Hermitage Museum in Saint Petersburg, and the Modern Art Museum in Santa Domingo.
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The company expanded its collections in the lower price bracket of US$30 to US$60 with its Nao collection
in the latter half of the 1980s. The objective was to extend its operations by pursuing different approaches,
for example, extending into new categories such as leather goods, which included handbags and accessories.
However, by the end of the 1990s, the leather line had to be closed, and by the early 2000s, Lladró began
cutting down its range of lower-priced items. The company sought to reposition itself as a luxury giftware
group and moved to eliminate its presence in down-market venues, such as airport gift shops. The company
developed a new system of stamps at the base of its figurines to identify dealers that were unloading stock
with discounters so that Lladró could stop dealing with them. The challenging question for Lladró as a
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brand was the same as that which confronted most luxury brands in the world: should it make itself more
affordable or continue with its premium positioning?

In most of its foreign markets, and especially those of Southeast Asia, Lladró had notable success with its
localized porcelain products. For instance, the design team at Lladró researched the different types of
dragons a Korean or Chinese consumer would seek and attempted to interpret and incorporate the
characteristics of these dragons into their pieces. Its sculptures, such as “Oriental Garden,” paid homage to

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the importance of nature in Japanese culture. Lladró’s “Guardian Lions” was another example of its art

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pieces reflecting Chinese, Balinese, and Indonesian cultures.

By the early 2010s, the company was trying to reinvent itself to suit the evolving tastes of consumers and,
in that effort, expanded its product base into lighting, home accessories, and fashion accessories. Lladró
started collaborating with multiple designers, such as U.K. fashion icon Paul Smith, US artist Gary

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Baseman, and Japanese designer Hisakazu Shimizu, in its push towards diversity and relevance across
different markets. In 2018, to keep its focus on innovation and new-design integration, the company
associated itself with luxury furniture brand Boca Do Lobo Exclusive Design (Boca Do Lobo) to showcase
its creations along with the unique furniture pieces of Boca Do Lobo in its New York showroom. “The time
for collectors is over, so we have to adapt,” said Ana Rodriguez Nogueiras, Lladró’s global CEO, at a new
store launch in Delhi.6 The company was reorienting its strategy from figurative pieces to lifestyle-related
products such as jewellery, furniture, and lighting. Lladró’s porcelain and other figurines, however,
continued to build the company’s international reputation (see Exhibit 1).

Product Quality

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From ideation to creation, everything was done by hand, without any technology. Approximately one year
was required to produce each product, and only 15 master sculptors were involved in the entire production
process. The company believed in the philosophy that art was about innovation and patience, which required
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self-motivation that was achieved by concentrating the entire production process in one place; for this
reason, all the sculptures were made in Valencia, Spain. Every figurine was handmade, meaning the entire
process was time-consuming.

Every new collection launched by Lladró involved a considerable amount of research. The brand had a
creative committee, the function of which was to evaluate the economic viability of potential collections.
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Once this evaluation was done, sketches were made before clay models were prepared. The selected clay
models were reproduced in plaster of Paris for the first stage of molding. Different parts of the sculpture
were produced in different molds by pouring liquid porcelain and setting it. Each fragment of the figurine
was then put together using liquid porcelain. Painting was the next stage, and a glossy finish, if required,
was added through a coat of varnish. In the last stage, the sculptures were kept in a kiln at over 1300 degrees
Celsius for about 24 hours, during which time the varnish crystallized, the porcelain vitrified, and the
colours intensified.
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Lamba, Lladró India’s CEO, summarized the company’s production process:

We believe in nurturing our team. Art is all about patience and innovation, which needs self-
motivation, and that’s what we ensure by restricting the entire production to one place. There is no
cut-copy-paste strategy followed in art. From ideation to creation, everything is done by hand
without any technology.7
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Financial Problems

The company had been in a delicate financial situation, facing declining sales since 2008. In 2014, the
company registered losses of €4.5 million (see Exhibit 2). Impacted by the economic crisis and a years-
long downward trend in the new generation’s interest in its products, Lladró had even been suffering from
falling sales in Spain and other mature markets. Sales had seen a continuous decline from 2013, with
revenues falling from €43.5 million in 2013 to €35.4million in 2015 (see Exhibit 2) and reserves declining

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from €129 million in 2013 to just €29 million by 2015. Changes in consumers’ taste and preferences,

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changing luxury patterns, and the increase in popularity of other types of decorative products created a
challenge for the management that was trying to revitalize the company’s growth.8

In 2017, Lladró (as a porcelain and home décor business) was sold to PHI Industrial Group to restore its
profitability and ensure the continuity of the business. Within the first year of its acquisition, the company

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ended up with lower losses than seen in the previous year. Sales showed a slight increase, from €29.5 to
€31.4 million, mainly arising from exports.

INDIA’S LUXURY MARKET: AN OVERVIEW

According to the Bain & Company report in 2018, the global luxury market grew by 5 per cent in 2018 to
reach an estimated value of €1.2 trillion.9 The luxury market had several segments: wearable luxuries such

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as apparel, perfumes, and jewellery; services such as travel and hospitality; and assets such as cars, houses,
paintings, and other collectibles. According to a report of the Associated Chambers of Commerce and
Industry of India (ASSOCHAM), India’s luxury market was expected to reach a value of $50 billion by
2020, up from $30 billion in December 2018.10 Metro cities such as, Delhi National Capital Region (NCR),
Mumbai, Bengaluru, and Chennai accounted for a substantial portion of the demand for luxury products.
Non-metro cities such as Ahmadabad, Hyderabad, Chandigarh, Pune, and Ludhiana were also steadily
catching up in the luxury marketing space. About 16 per cent of sales in the luxury segment in India came
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from these non-metro cities.11

Several factors fuelled this growth: the increased purchasing power of consumers located in Tier 2 and Tier
3 cities, the entry of international luxury retailers into the market, the higher disposable incomes of
consumers, and rapid urbanization.12 Despite the increasing opportunities, making inroads into this segment
was a huge challenge for luxury marketers, mainly due to the lack of support infrastructure, skyrocketing
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real estate prices, difficulties in fulfilling value-driven demand for luxury buyers, and the sale of counterfeit
products.13 India was a distinctive and multifaceted market showcasing a potpourri of cultures, customs,
and history. With people from different religions and linguistic groups who had diversified needs, luxury
brands faced many challenges in capturing the luxury segment.

LLADRÓ IN INDIA
No

Entry into the Indian Market

The existing Indian legislation allowed for 51 per cent foreign direct investment (FDI) in multi-brand retail
and 100 per cent FDI through the automatic route in single-brand retail. In addition, the government had
established a stricture that in case of proposals involving foreign investment greater than 51 per cent, the
company was required to fulfill local sourcing requirements; specifically, 30 per cent of the value of goods
purchased had to be sourced from India, preferably from micro, small, and medium enterprises (MSMEs),
artisans, and village and cottage industries.14 This was challenging for luxury brands as it forced them to
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rethink their business models.15 The most popular modes of entry into the Indian luxury market were
through a franchise or JV model.16

Lladró entered India through a distributor model in 2000 by importing products from its factory based in
Valencia, Spain, and selling through its dealers. In 2006, India opened up its FDI limits in single-brand
retail, increasing the FDI cap to 51 per cent.17 This regulatory change provided the company the opportunity
to cater to Indian markets through a direct presence in the country and to enter into a JV with an Indian

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company called Spa Agencies (India) Pvt. Ltd., acquiring a 26 per cent stake of the new entity—Lladró

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India Pvt. Ltd.18 This JV route allowed the company to bring its product and luxury retail expertise to the
market and to capitalize on the local partner’s knowledge of the Indian market.

For Lladró, India was among the top five lucrative markets globally. In this context, Lladró’s global CEO
Rodriguez Nogueiras said, “Japan is our number one market followed by the United States of America and

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Spain. India is the fourth [most] significant market for Lladró now. A total of 7 per cent of our revenue
comes from India. We have been witnessing a 10 per cent year-on-year growth.”19 As of 2018, the brand
had a total of eight boutique stores across India, and the company had witnessed an average annual sales
growth rate of 15 per cent.

“Spirit of India” Collection

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Lladró was offering most of its global product categories in India, consisting of world-acclaimed porcelain
figurines, home fragrances, candles, chandeliers, decorative lighting, and smart lights, such as wireless
light-emitting diode (LED) table lamps, among other things. The company’s product portfolio was not
conventionally need-based but rather focused on collectibles or exclusive luxury items. However, with the
changes in the luxury paradigm and the need to target young millennials, the company was striving to
reorient its brand as a lifestyle luxury brand with a focus on functionality and utility in its product offerings.
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Selling porcelain figurines and sculptures ranging from ₹15,000 to ₹2.5 million20 to Indian buyers was a
challenge for this handmade porcelain brand especially when these figurines did not offer functionality to
value-conscious Indian luxury buyers. In 2000, the Spanish luxury brand came up with the ingenious idea
of entering into the divinity goods market to draw Indian luxury buyers. The company rolled out figurines
of Hindu gods and goddesses as a part of its “Spirit of India” series. This series primarily focused on creating
India-centric products and was initially launched in 1986 with Hindu children figurines. The collection
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included gifts as well as ornamental items that were based on theological stories and deities.

The first product of this series was the limited-edition idols of Lord Ganesha. The results of the launch were
positive as 499 pieces priced at ₹750,000 each were sold within 4 weeks. Subsequently, the Spanish brand
launched figurines of many other deities, such as the goddess of wealth Lakshmi, Saraswati, Ram Darbar,
Hanuman, Radha Krishna, and Lord Shiva. However, the figurine of Lord Ganesha, the god of auspicious
beginnings, remains the bestseller in India. Lladró India’s CEO, Lamba, explained, “Ganesha is something
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people across the globe relate to; its popularity is universal.”21

About 45 per cent of the company’s revenue came from selling idols of the Hindu pantheon. This revenue
reflected how crucial the Spirit of India series was for the brand. Porcelain figurines and sculptures were
highly popular among high-net-worth individuals and notable corporate leaders for gifting on special
occasions such as religious festivals and wedding anniversaries.22

Exclusive Luxury with Limited-Edition Series

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The brand followed a limited-edition marketing strategy for high-end porcelain figurines and many other
products. For limited-edition series, products were not repeated and were often supplied in limited
quantities. For example, for figurines of Lord Ganesha, Lord Shiva, and Ram Darbar, the Spanish company
relied heavily on limited-edition collections to add exclusivity to the brand. In 2010, the company launched
a porcelain sculpture of Lord Ganesha, which was originally priced at ₹700,000 under its limited-edition
series, with only 99 pieces on sale. Once the entire stock was sold, some customers who could not buy it

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earlier were willing to pay as much as ₹1,200,000 for it. However, the company did not reintroduce the

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Ganesha idols. In such scenarios, buyers generally looked to purchase such pieces from private sellers.

Lladró’s products were imitation-proof, unique, and handmade. The company’s global CEO, Rodriguez
Nogueiras, stated, “It’s impossible to copy our work as it is handmade, unique, and original. The entire
process involves so many artists for each stage like making colours, ornamentation, decoration, etc., that it

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makes it exclusive.”23

Lladró’s Communication

The Spanish brand catered to a niche luxury segment within the home decor category, wherein the primary
focus of marketing initiatives had been on building long-term valuable relationships with customers. Some
of these initiatives included hosting private signing events, such as sculptor and painter events; members

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of the Lladró family or the company’s master sculptors were invited by the brand to interact and engage
with customers and sign products exclusively. The company had traditionally relied on word-of-mouth
advertising, as it believed that customers were its biggest advertisers. The products themselves being
displayed in customers’ homes and offices also acted as a showcasing platform to other potential customers.
The porcelain company relied to a lesser degree on paid advertising, instead trusting in word of mouth to
sell its products. “We have many customers who have grown up with Lladró,” said Rosa Lladró, president
of Lladro. “They are our best advertisement.”
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Experiential marketing was at the centre for Lladró in building valuable, long-term relationships with
customers. The brand organized multiple sculpting events where Lladró’s master sculptors were invited
from Spain to offer customers a first-hand experience of how a sculpture was designed or created. The
company also offered unique experiences to its key customers by allowing them to view products before
purchase at the location where the customer wished to display it. This practice allowed the potential buyer
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to decide whether the product was suited for and was aesthetically appealing in the location where it would
be displayed, rather than just viewing it in store. The company’s privileged collectors also had an
opportunity to view new product launches privately, well before they were displayed in stores. A careful
display strategy was employed to showcase the visual aesthetics and beauty of the products in the
company’s stores. Lladró’s experiential marketing strategies provided an opportunity for its customers to
witness first-hand how the products were made.
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The Lladró brand aimed to induce positive and happy emotions, evoke a sense of pride, and establish a
connection between buyers and the product offering. In the process of delivering such experiences,
marketers had to build emotional layers around their products to engage with the customers at a deeper
level. Experiential marketing allowed marketers to reach out to customers beyond just promoting product
delivery.24 Especially in this context, when a customer possessed a Lladró product, a sense of privilege or
a deep emotional connection was necessary. The brand regularly offered such exclusive experiences to its
customers by advocating experiential marketing. In terms of advertising, word of mouth, print advertising,
and exclusive below-the-line activities for high-net-worth consumers were the company’s biggest tools for
generating business.
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Lladró’s Channel Strategy

Lladró’s stores were present in the major cities of India, including Mumbai, Delhi NCR, Hyderabad,
Chennai, Kolkata, Bengaluru, Lucknow, and Pune. Its distribution channel strategy was exclusive,
innovative, and direct. The company’s exclusive flagship stores created the overall brand experience, which

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included the merchandise, customer service, music, and other aspects of the in-store experience. The format

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of Lladró’s stores was inspired by Spanish designer Héctor Ruiz Velázquez.25 The key concepts were
luxury and exclusiveness, with notable references to the Mediterranean in terms of colour and form. The
company had 18 retail outlets, of which 8 were exclusive boutiques. The remaining 10 stores were shop-
in-shop corners that housed premium jewellery, lighting, watches, and home décor pieces.

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Lladró’s boutiques in India had a distinctive appearance, usually painted in white and drawing inspiration
from museums and art galleries. The store layout was designed in such a way as to provide maximum
visibility to each of the figurines. The company had embraced aesthetically designed large-format stores in
India, with a focus on innovation and exclusivity, along the lines of its international stores. Recently, by
venturing into e-retailing in India through its web platform, the company was gearing up to target customers
from non-metro cities who were keen to own a piece of Lladró.

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Challenges in the Indian Market

The journey of the Spanish porcelain maker had not been smooth in India. Venturing directly into Indian
markets in 2006 and finding suitable store locations and high-end malls was a challenge. The company
initially targeted major metro cities such as Delhi and Mumbai as part of its development strategy, but the
further expansion of stores remained a challenge due to insufficient retail infrastructure in the country.
India’s largest cities lacked appropriate shopping streets that were suitable for creating the right
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environment for a luxury brand. The issues of less-than-desirable surrounding neighbourhoods, safety, and
cleanliness pushed many luxury brands instead to target malls and hotel galleries.

The second major challenge faced by luxury brands in India was regulatory mechanisms, high taxes, and
policy shifts. However, with the opening of FDI in single- and multi-brand retail, and the implementation
of a goods and services tax, the luxury goods segment was expected to see improved growth. 26
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Another challenge was that the psychology of Indian shoppers was different from that of shoppers in other
countries. Indians were essentially value-conscious buyers.27 Brand-conscious Indian shoppers were looking
to buy affordable luxury brands, such as Michael Kors and Coach, that formed a segment that was rapidly
growing at the rate of 40 per cent per annum.28 Handling the price-sensitivity of Indian consumers and
educating customers about the value proposition of its products were some of the challenges facing Lladró.
No

CHANGING LANDSCAPE

In 2018, India became one of the top five markets for Lladró’s products, strengthening the Spanish brand’s
commitment to the Indian luxury market. However, future expansion—both at the global level and in
India—was challenged by several factors that required long-term strategy to accelerate revenue growth.
The brand needed to address some key questions: What marketing strategies should be adopted by the
company to drive its profits and expand its base in India? What strategies could Lladró adopt to target
millennial luxury buyers in India? Would the company benefit from expanding its product portfolio or run
Do

the risk of diluting its exclusive luxury image by diversifying its portfolio?

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EXHIBIT 1: BRAND PORTFOLIO

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Source: Lladró corporate document.

EXHIBIT 2: FINANCIAL STATEMENT ANALYSIS OF LLADRÓ GLOBAL (MILLION €)

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Period ending
2010+ 2011* 2012* 2013* 2014* 2015* 2016* 2017 2018
December 31
Total revenues 48.2 45.8 49.8 43.5 38.4 35.4 30.0 32.8 30.5
Operating
−0.5 −4.8 4.5 −3.2 1.3 −2.6 −12.2 1.1 −1.4
income
Net income to
−4.7 −6.7 4.3 0.3 −4.5 52.2 −69.4 −10.8 −0.6
common
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Cash and
13.6 17.1 21.1 16.1 11.0 37.8 8.2 10.7 9.5
equivalents
Total current
51.9 43.8 44.1 34.6 31.8 59.5 22.4 26.2 24.8
assets
Total assets 139.5 148.7 148.6 138.6 114.0 102.1 65.9 56.4 54.2
Total current
19.4 11.7 11.9 8.8 70.1 53.1 10.1 13.5 14.5
liabilities
Total liabilities 70.4 86.4 82.0 97.7 77.5 55.2 12.0 14.3 14.9
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Total equity 69.1 62.4 66.6 41.0 36.5 46.9 53.9 42.1 39.4

Note: * = original; + = restated.

Source: Bloomberg.

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ENDNOTES

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1
Rajiv Singh, “How the Gods Helped this Spanish Luxury Brand Corner 45% of Its Revenue in India,” Economic Times: Rise,
February 10, 2018, accessed June 14, 2019, https://economictimes.indiatimes.com/small-biz/marketing-
branding/branding/how-the-gods-helped-this-spanish-luxury-brand-corner-45-of-its-revenue-in-
india/articleshow/62849668.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst.
2
“Breaking the Mold,” Forbes Magazine, June 6, 2013, accessed June 11, 2019, www.forbes.com/global/2002/0902/062.html.
3
“GrupoLladró S.A. - Company Profile, Information, Business Description, History, Background Information on GrupoLladró

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S.A.,” Reference for Business, accessed July 11, 2019, www.referenceforbusiness.com/history2/22/Grupo-Lladr-S-
A.html#ixzz5ckZIpiAq.
4
Alicia González, “Lladró, the Spanish Porcelain Brand, Expands Its Points of Sale with a New Store in Virgin Islands,” Gift
Shop Magazine, February 3, 2015, accessed June 10, 2019, https://giftshopmag.com/news/lladro-the-spanish-porcelain-
brand-expands-its-points-of-sale-with-a-new-store-in-virgin-islands/.
5
“Lladro Announces the Opening of Two New Boutiques - One in Miami, the Other in Beverly Hills,” Canadian Interiors, April
9, 2015, accessed March 4, 2019, www.canadianinteriors.com/2015/04/09/lladro-announces-the-opening-of-two-new-
boutiques-one-in-miami-the-other-in-beverly-hills/.
6
Surya Praphulla Kumar, “Lladró goes pop,” The Hindu, October 19, 2018, accessed July 10, 2019, www.thehindu.com/life-

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and-style/luxury/lladr-goes-pop/article25260994.ece.
7
IANS, “India as a Market Is Very Important for Spanish Brand Lladró,” Business Standard, September 21, 2016, accessed
July 10, 2019, www.business-standard.com/article/news-ians/india-as-a-market-is-very-important-for-spanish-brand-lladró-
116092100747_1.html.
8
Ibid.
9
Claudia D'Arpizio, Federica Levato, Filippo Prete, Elisa del Fabbro, and Joëlle de Montgolfier, “The Future of Luxury: A Look
into Tomorrow to Understand Today,” Bain & Company, January 10, 2019, accessed June 6, 2019,
www.bain.com/insights/luxury-goods-worldwide-market-study-fall-winter-2018/.
10
Sheetal Jain, “Luxury in India: The way forward,” Economic Times, Dececember 3, 2018, accessed June 25, 2020,
https://retail.economictimes.indiatimes.com/re-tales/luxury-in-india-the-way-forward/3357.
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11
Madhushree Chowdhary, “How Indian Luxury Market is Growing?,” IndianRetailer.com, April 27, 2018, accessed October
20, 2019, www.indianretailer.com/article/sector-watch/luxury/How-Indian-Luxury-Market-is-Growing.a6001/.
12
Ibid.
13
Ranjan Narula and Mayur Varshney, “India Promises Market Potential but Challenges Remain for Luxury Brands,” World
Trademark Review, June 29, 2018, accessed June 18, 2019, www.worldtrademarkreview.com/brand-management/india-
promises-market-potential-challenges-remain-luxury-brands.
14
PIB [Press Information Bureau], Guidelines for Single Brand Retail Trade, Ministry of Commerce & Industry, July 24,
2019, accessed April 24, 2020, https://pib.gov.in/PressReleasePage.aspx?PRID=1580052.
tC

15
Narula and Varshney, op. cit.
16
Bulbul Sharma, “India’s Luxury Market is Currently in a Phase of Rapid & Dynamic Growth,” TSG Sunday Guardian Live,
November 24, 2018, accessed October 20, 2019, www.sundayguardianlive.com/lifestyle/indias-luxury-market-currently-
phase-rapid-dynamic-growth.
17
Pradip Kumar Saha, “Shaping Masterpieces,” Livemint, April 26, 2012, accessed June 8, 2019,
www.livemint.com/Companies/NzRRtlzAFYvIvXZwhYlvEJ/Shaping-masterpieces.html
18
“‘There is Ample Space for New Players in Indian Market,’” Livemint, March 26, 2007, accessed June 9, 2019.
www.livemint.com/Consumer/A7HaETvqjZmDCEX6lGjlKI/There-is-ample-space-for-new-players-in-Indian-market.html.
19
Smita Balram, “India in the Top Five Markets for Spanish Luxury Brand Lladró,” The Economic Times, September 23, 2018,
No

accessed June 9, 2019, https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/india-

in-the-top-five-markets-for-spanish-luxury-brand-Lladró/articleshow/65921236.cms.
20
₹ = INR = Indian rupee; ₹1 = US$0.01 on April 8, 2020.
21
Saha, “Lladró's Luxe Gods,” op. cit.
22
Datta, op. cit.
23
Lidhoo, op. cit.
24
Devendra Chawla, “How Experiential Marketing Can Be a Game Changer,” Economic Times: Rise, May 4, 2019, accessed
June 20, 2019, https://economictimes.indiatimes.com/small-biz/marketing-branding/branding/how-experiential-marketing-
can-be-a-game-changer/articleshow/69171451.cms?from=mdr.
25
“Lladró Reveals Its New Boutique Concept in Madrid,” Boca Do Lobo: Exclusive Design, accessed February 10, 2020,
www.bocadolobo.com/blog/exclusive/lladro-reveals-new-boutique-concept-madrid/.
Do

26
Shipra Srivastava, “Challenges for the Luxury Brands!,” Indian Retailer, March 14, 2017, accessed October 3, 2019,
www.indianretailer.com/article/sector-watch/luxury/Challenges-for-the-luxury-brands.a5659/.
27
Varuni Khosla, “How Top Global Luxury Brands Are Negotiating the Minefield That Is India,” The Economic Times,
November 6, 2018, accessed October 3, 2019, https://economictimes.indiatimes.com/industry/cons-products/fashion-/-
cosmetics-/-jewellery/some-top-end-luxury-businesses-see-gradual-uptick-after-two-years-of-swift-policy-
changes/articleshow/66519128.cms?from=mdr.
28
Sita Mishra and Sheetal Jain, “Unfolding India’s Luxury Market in 2018,” Business Today, February 24, 2018, accessed
October 3, 2019, www.businesstoday.in/opinion/columns/unfolding-india-luxury-market-in-2018/story/271418.html.

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