INDIAN DEMAND FOR LUXURY GOODS BOOSTS SHEFFIELD'S CARRS SILVER

Growing demand for luxury silver goods from India's wealthy entrepreneurs is boosting business at Sheffield-based Carrs Silver  the UK's only start-to-finish manufacturer of luxury flatware and silverware.

The family-owned business has embarked on a joint venture with India's Padma Group  a fast-growing business with interests ranging from manufacturing to retail, to introduce the Carrs brand to the country's wealthy entrepreneurs and open a network of boutiques selling luxury products. The first store,"ArgentOr" opened at the start of October in New Delhi's Defence Colony, an area that is fast emerging as a high street address that houses many stores in the luxe category.

Carrs Silver managing director, Richard Carr said: "There's a real silver culture in India, where it's seen as the perfect gift for many occasions, especially the affluent class wedding celebrations. Working together with the management team at Padma, we are confident we can capitalise on the current market conditions and increased interest in European luxury brands being shown by the country's top earners. We are confident there's a real opportunity for a high quality brand such as ours, with our British heritage and reputation for quality craftsmanship, at the top end of the market.

"Our partners at the Padma Group have good experience of the luxury market in India, and they approached us, having seen our Harrods concession, with their plans to roll-out a luxury silverware retail shopping ‘experience' across India. We are very excited to be working with them."

The cross-continent partnership plans to open boutique-style stores selling Carrs Silver flatware and silverware, as well as complementary tableware and crystal, in all the major Indian cities within the next five years. There are also plans to launch an online store.

A report published in the summer by the Economist Intelligence Unit, predicts Asia will account for more than half of the luxury goods market within a decade, driven by rapid growth in household incomes. The report, Rich Pickings, claims that in India, more than 30m households are on annual incomes exceeding $50,000 and there are a rising number of wealthy entrepreneurs - exactly the sort of customers Carrs Silver already attracts at its concessions in top London stores Harrods and Selfridges.

Padma Group director Ankit Jain, who is heading up the new silverware project, said: "With over half a million affluent class weddings and a booming luxury market, there's immense potential in the Indian market for a brand of Carrs Silver's heritage and reputation. Their stunning collection matches the expensive jewellery and art pieces already being purchased by consumers here, and we believe now is a good time to introduce an exclusive silver cutlery brand to the market."

The first ArgentOr store opened last month in New Delhi.
 
Photo caption: Sheffield-based Carrs Silver designed and produced this one-off piece for Harrods’ Golden Exhibition, celebrating the launch of the new Rooms of Luxury Home, held earlier this year. 

ENDS

Notes for Editors

Established in 1976, Carrs Silver is a leading British brand of sterling silver and silver plated photograph frames, ladies, men's and children's gifts, barware and cutlery, available from leading independent jewellery retailers throughout the world including Harrods and Selfridges in the UK. The family-run, independent company also has a growing reputation for its highly specialised Bespoke Product service, and works with many international royal families. Exports account for over half of the company's business thanks to demand for high-quality silverware that is "Made in Sheffield". All Carrs Silver products are designed and manufactured at the company's purpose-built site in Sheffield, where a 120-strong team manage the silver fabrication, design, development and manufacturing process from start-to-finish. For further information, visit www.carrs-silver.co.uk.