Willing to spend a lakh for a pram or Rs 68,000 on a nappy bag for your beloved baby? Les Petits, a super luxury store exclusively catering to young consumers, said indulgent parents are fuelling its growth.
The newly opened store in the Capital’s luxury destination, DLF Emporio, said it is looking at other destinations in India as well.
Swati Saraf, Promoter of Les Petits, said the retail format will sell brands such as Baby Dior, Fendi Kids, Miss Blumarine, Simonetta, I Pinco Pallino, Theophile & Patachou and Concord, and cater to the 0-8 age bracket. The range starts from Rs 5,500 to Rs 2 lakh.
Overall, the baby and children’s market in India is pegged at over $5 billion, growing at 20-25 per cent a year.
Technopak report
According to a Technopak report, the overall children’s market in India can be broadly divided into five segments — super premium (above Rs 2,500), premium (Rs 1,000-2,500), mid (Rs 500-1,000), economy (Rs 250-500) and lower (up to Rs 250).
The research firm said by far the mid-segment, with a market share of 31 per cent, is expected to reach 58 per cent by 2020.
While acknowledging that Les Petits may take a while to break-even, Saraf said Indian consumers are warming up to the idea of spending for children.
A Kotak Wealth Management-Crisil report had recently said despite the economic slowdown, the number of Indian ultra HNHs is estimated to have grown by 30 per cent to around 81,000 in 2011-12, and is expected to triple to around 286,000 over the next five years.
Consequently, the net worth of ultra HNHs is estimated to surge five-fold from an estimated 65 trillion in 2011-12, to 318 trillion by 2016-17.
The report says the slowdown in the economy has not affected the spending patterns of ultra HNIs.