New Delhi: If Birkin bag from Hermes means nothing to you, and you haven't yet experienced the magic of Christian Louboutin's shoes, you are welcome to the new world of luxury in India.

Names like Hermes, Christian Louboutin and Gucci are ready to enter India.

The first Gucci stores - in Mumbai and Delhi - will be up by the end of the year and Hermes plans a flagship opening by the end of 2008.

"We believe in luxury that is based on innovation and quality. And I think Hermes has a great future in Indian," says Executive Vice President, Hermes, Christian Blanckaert.

The conference signed off round two of the Indian luxury story, some core issues like 51 per cent ownership of business came through, and also some luxury malls are coming up solving the retail crunch.

But challenges like high tariffs that make prices in India higher than in Singapore or Dubai remains a burden, as does issues of service. But one thing is for sure, India's tryst with luxury has begun right earnest.

(With inputs from: Fatima Karan)