Ajay Agarwal, partner at RK Industries, the firm that set up Bergamo, agrees that the absence of luxury retail premises had been the chief complaint of high-end brands when he tried to persuade them to come to the city.
This is what led him to build the mall, which opened earlier this year.
The luxury brands, he feels, will not suffer from lack of demand.
When his company was researching the city's retail market, Agarwal says, they found that T Nagar in Chennai had the highest sales per square foot in Asia.
T Nagar is far from a posh market but the statistic is not surprising, considering the numerous sari and jewellery showrooms in the bustling quarter, a sign that there is money.
"Chennai has a lot of spending power... The customers buying Louis Vuitton here are those who already had the brand, it's just that they would have bought it elsewhere," says Agarwal, who has lived in the city all his life.
Louis Vuitton might be the only store in the 30000 square foot Bergamo now but Jimmy Choo, Canali and Bottega Veneta will soon be giving it company.
Genesis Colors, which is bringing in these brands, brought Canali, Paul Smith, Etro and Tumi to the city last year at Chennai's first international multi-brand luxury boutique, Luxxe Box.
"We have got an encouraging response to Luxxe Box and are very keen to explore the market's potential through mono brand stores too," says Sanjay Kapoor, the company's managing director.
Mumbai-based developer Phoenix will also be opening its 2.4 million square foot Market City property (expected to include a five-star hotel and IT park) in the city later this year, where one section will be dedicated to luxury brands, along the lines of its Palladium in Mumbai which retails Gucci and Ermenegildo Zegna, among others.
While the international brands are optimistic about their foray, domestic players who had entered the market earlier are keen to expand.
Kimaya, which retails many of the country's top fashion designers including Tarun Tahiliani, JJ Valaya and Rohit Bal, opened its first outlet in Chennai in 2009, and is planning to open four more in the next two years.
"We are very confident of the city's luxury market. Our store here has seen year-on-year growth of 22-23 per cent," says Kimaya Fashions Chairman Pradeep Hirani.
Image Courtesy: Louis Vuitton