Indians Scoop Up Luxury Goods in New Delhi

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Hermès just opened a new flagship in New Delhi, and they're not having trouble selling $6,400 saddles with matching gear. The luxury sector is thriving there despite the economic downturn. Cartier, Christian Dior, Louis Vuitton, Armani, Dolce & Gabbana, and Versace all have outposts in New Delhi. The number of Indians with more than $1 million in assets has grown 22 percent since last year. They're prospering because wealth in New Delhi depends on India's domestic economy rather than the stock market. And the more other people can't afford stuff, the more the people in India want to flaunt their stuff. [Time]