After making an exit from India three years ago, LVMH Moët Hennessy Louis Vuitton (LVMH)-owned Italian luxury goods firm Bulgari is all set to make a second entry into the country by opening a store in Delhi by the month-end. It has inked a joint venture with New Delhi-based Luxco India Retail. Sources say that the company plans to retail its range of expensive watches and jewellery catering to rich Indian customers.

The move comes after it received approval from the Department of Industrial Policy and Promotion (DIPP) to open single-brand retail stores in India. Earlier it had snapped seven-year partnership with Mumbai-based Dia Group’s sister concern Lifestyle Tradelinks India in 2011.

Though Bulgari is famous for its range of jewellery, the company has diversified its portfolio by adding watches, accessories, frangrances and even hotels. After tasting success, Bulgari, began expanding to international locations in New York, Paris, Geneva and Monte Carlo in the 1970s. Today, it operates stores and offices across 24 countries. The Indian luxury market stands at 14 billion dollars (over Rs 85,800 crores), according to Boston Consulting Group. It is split across conventional luxury at 30 percent, services at 40 percent and devices (cars, yachts and gadgets) at 30 percent.