new delhi mails are flying thick and fast at most luxury stores across the country as harried sales staff face a tough time trying to coax people to part with their permanent account number pan details by the looks of it they are not accomplishing much resulting in poor sales of luxury goods furnishing of pan details has been made mandatory by the government for any transaction above rs 2 lakh in a bid to weed out black money however the move has deterred many wealthy shoppers from spending lakhs of rupees on luxury products such as handbags watches and writing instruments our bags start at rs 2 lakh sales at our store have been hit badly because our regular customers have stopped coming said a senior executive of a french luxury brand earlier most of them would pay in cash but now instead of giving their pan details they are opting to shop abroad most people in the luxury industry toi spoke to complained about similar issues for instance at a store selling high fashion french leather goods in the capital executives are tearing their wellgroomed hair out to convince customers to reveal their pan card number we have taken a hit of several lakhs of rupees over the last few days but have not been able to figure out a way around the problem said an executive at the store the other day a lady who had come to buy a bag said she wouldnt risk getting her husband into trouble by furnishing his pan card details eventually she walked out without buying anything nikhil mehra ceo of genesis group that has marketing and distribution arrangements for several luxury brands such as jimmy choo giorgio armani em porio armani and tumi among others and is the jv partner for canali burberry and villeroy and boch in india said consumer sentiment here has been affected by this ruling however for most of our brands it is not a challenge because prices are within the rs 2 lakh limit he said the indian luxury market has been pegged at rs 16300 crore in 2015 by market research firm euromonitor and is expected to touch rs 39000 crore by 2020 with an annual growth rate of 19 per cent by john sarkar tnn published on jun 22 2016 at 0800 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app jewellery genesis giorgio armani pan armani euromonitor homenewsnew pan rule hurts sale of