Sahara forays into luxury holiday biz, aims Rs 100 cr by 2010

NEW DELHI: With increasing number of upwardly-mobile Indians entering the high income bracket, Sahara India Pariwar on Wednesday forayed in the Rs 65,000 crore luxury holiday business targeting a revenue of Rs 100 crore within three years.

The company onWednesday announced launch of 'Paradiso' for providing high-level customised luxury holidays in the price band of Rs 14,400 to a whooping Rs 18,40,000 per night.

"We expect to achieve a target of Rs 100 crore in terms of revenue in the coming three years," Paradiso CEO Romi Datta told without divulging investment details in the new initiative.

He said the company has tied up with 165 luxury properties across the UK, Italy, France, Scotland and Ireland.

The domestic travel market is pegged at 450 million dollar with a growth rate of 20 per cent and would clock around 80 lakh outbound travellers by 2008.

Out of eight million rich Indians in the income segment of Rs 30-40 lakh per year, only one million spent on luxury travel in 2006 which would triple within a span of three years. "We need a focussed approach to address the needs of brand conscious Indians" he added.

Datta said the marketing strategy would include wealth management by the banks, one-to-one relationship building with its target customers in addition to high-end advertisements. He declined to disclose the company's media plans.

The company would currently operate its travel business from Delhi and Mumbai offices and expand its base to Bangalore and Chennai within six months.