NEW DELHI: Japan's luxury chocolate maker Royce will make its India entry by opening a flagship store at Mumbai's high-street Palladium Mall this weekend at a time when consumers are slashing spends on discretionary products.
Bad timing? Perhaps no.
Officials at Royce — which sells a 120-gram box of chocolate for Rs 995 on an average — say initial market tests have shown a ready market for super-premium gourmet products. Luxury food retailers such as Godrej Nature's Basket, Le Marche and Future Group's FoodHall say there is no sign of slowdown in their business despite a falling rupee pushing prices up.