InterGlobe to distribute yachts, sports carsMarch 29th, 2011 - 8:33 pm ICT by IANS
New Delhi, March 29 (IANS) InterGlobe General Aviation, the holding company of low-cost carrier IndiGo, Tuesday said that it was venturing into exclusive distributorship of luxury lifestyle products like yachts, seaplanes and sports cars.
“The company has expanded its portfolio from a business aviation provider to a new one-stop shop for luxury lifestyle solutions,” the company said in a statement.
The company also said that it was re-branding itself as InterGlobe Established Products Private Limited.
“We are delighted to announce our new identity and look forward to redefining the luxury landscape here in India and surrounding SAARC (South Asian Association for Regional Cooperation) and UAE countries,” said Nigel Harwood, president and chief executive, InterGlobe Established Products.
According to Harwood, the decision to enter into the luxury products business was due to its ever increasing demand in the Indian market.
The size of luxury products market in India is estimated to be $8.2 billion in 2012 and $14.75 billion in 2015, he said.
“The luxury market in India is estimated to grow annually by 25 percent and with the emergence of young HNIs (high net individuals) who seek thrill and adventure never seen in India before, it creates an interesting and exciting market opportunity,” Harwood said.
The company also unveiled couple of its luxury products here, which includes Swedish sports car Koenigsegg, luxury Gumpert cars, and international sports bikes Vyrus and Hollisters.
Products like yachts, aqua and boating products from 11 countries were displayed at a presentation to the media here.
The prices of these products will be provided only on request, the statement added.
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