But what about the perception that the well-heeled in Chennai might be a little less willing to splurge on luxury goods than their counterparts in Delhi or even Bangalore?
Louis Vuitton's Singh pooh-poohs the suggestion and says luxury customers are the same the world over and do not bother about price tags.
Hirani, on the other hand, says the city's luxury consumer can be divided into two segments - the first, tough nuts to crack, are the wealthy but conservative, and the second, the wealthy and aspirational, "the segment that we are focusing on".
Chennai's rich agree that the city is opening up to luxury, in terms of brands and customers.
"I have seen this change in the last four to five years - there is definitely a growing tendency to buy luxury brands," agrees Rahul Mammen Mappillai, the 34-year-old director of Chennai-headquartered tyre manufacturer MRF. A 28-year-old regular in Chennai's party circles, who asked not to be named, concurs. "I know girls who want to save money from their first job to buy an LV bag,” says the young socialite, a resident of the city for the last 10 years."
Apparel is far from the only luxury segment enthusiastic about the new market.
The city's businessmen were once known to shy away from flaunting their status by cruising around in super luxury cars - TVS chairman Venu Srinivasan, for instance, told the media recently that he used to drive around in a Hyundai Santro seven years ago.
But not anymore.
Jaguar Land Rover, which opened its showroom in Chennai one-and-a-half years ago, sells around 10 to 12 cars a month in the city, and has sold 170 cars so far. Porsche, which opened its showroom there in 2009, was selling 8 to 9 units a month before Volkswagen terminated the agreement with the Indian importer.
Rolls Royce and Bentley do not have dealerships in Chennai but sell directly to customers there and company spokespersons say sales have been steady. And iconic bike brand Harley-Davidson which opened its first showroom in the city four months ago, is already seeing sales in double digits.
"The spending power in the city is amazing… Around 80 per cent of my business here is cash and carry," says MP Vikram, who has the dealership for Harley in Chennai.
The city's luxury market is "a sleeping monster", he says.
Small wonder, then, that the in-house research of a premium carmaker revealed that Chennai is now the country's third-biggest market for super luxury cars.
Image: Models pose with a Rolls Royce Phantom Series II car as it is unveiled to the media in the September 2012 file photo. Rolls Royce does not have dealerships in Chennai but sell directly to customers there and company spokespersons say sales have been steady.