India's massive potential in the luxury market is exploding and according to Euromonitor International, India's luxury market is expected to be one of the fastest growing in the world with a projected value of $8.5 Billion in 2023, up by an impressive $2.5 Billion from 2021. There has also been a rapid surge of premium international luxury labels in India especially before the festive season. So why is India the hotbed of investment for the world's top luxury brands? Watch this video below to find out.
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The World's Premium Global Brands Have Their Eyes Set On India
Louis Vuitton was the first international premium luxury brand to enter the Indian market, in 2002. Many brands followed soon after. Gucci, Bottega Veneta, Dior, Chanel, Prada, Versace and Hermes are just some of the many global premium brands that are housed in India with Valentino being the latest to arrive on the scene in 2023. Reliance Brands Ltd have already well acquainted the Indian market with brands like Michael Kors, Coach and Jimmy Choo and according to reports, Balenciaga will be the next in line to make its grand entry soon. Under the banner of Aditya Birla Fashion and Retail Limited, Parisian brand, Galeries Lafayette has partnered with the conglomerate to bring in 200 luxury designer brands in two of Mumbai's historic buildings and at Delhi's DLF Emporio, one of the country's largest luxury shopping destinations by 2024 and 2025 respectively.
What Does India Have To Offer?
Forbes stated recently that India is the fifth largest economy in the world housing 169 Billionaires. As reported by Business Standard, an ‘Attitudes Survey' by real estate consultancy, Knight Frank found that 4% of Indian UHNWIs (Ultra High Net Worth Individuals) are expected to invest in passion-driven assets of which 53% prefer to spend on art, luxury handbags and watches and 41% on Jewellery accounts. Additionally, India has been widely reported to have a growing number of affluent individuals who are driving surges in discretionary spending even in smaller towns. Add to that India's leading retail conglomerates who are shepherding global luxury brands into the Indian market and the fact that this luxury sector is relatively inflation-proof, it's no wonder then why premium international luxury retailers are vying for a piece of this very attractive pie.
Earlier this year, the Gateway of India in Mumbai hosted Dior's mammoth Fall 2023 collection converging the luxury brand's design language with Indian traditions. Everything from saree-inspired skirts to bolero jackets to vibrantly coloured outfits in silks, including those in an Indian pink, were on display. The fashion show was attended by the biggest names in Hollywood and Bollywood. Soon after the show, parent group LVMH's shares rose as much as 1% to 838.7 euros ($913), touching a record high. Louis Vuitton also launched a rani pink collection in keeping with the colour of the season. Bulgari fused fashion and tradition with the launch of the mangalsutra, which was spotted not just on the brand ambassador Priyanka Chopra, but many other Indian celebrities as well.
The Bollywood Factor
Unsurprisingly Bollywood has played an important role as a popular channel for these brands to reach their target customers. Recent brand associations like Deepika Padukone for brands like Louis Vuitton and Cartier, Alia Bhatt for Gucci, and Priyanka Chopra for Bulgari (reportedly for Valentino too), have been on the rise, further speaking to India's growing luxury brand presence. Indian celebrities have remained the focal point for many international brands in the past too. Shah Rukh Khan and Priyanka Chopra for Tag Heuer, Aishwarya Rai for Longines and Deepika Padukone for Chopard are just to name a few that paved the way in the past.
Indian Designers Going Global
The luxury market in India in the recent past though has seen a two-way stream with Indian design houses receiving international status. On one hand, Sabyasachi makes New York his second home with his experiential new flagship store, on the other, couturiers like Rahul Mishra and Gaurav Gupta take Indian couture to newer heights on the Paris runways and international red carpets.
The sky is the limit for India's luxury market and its growing success story.
Sources: Forbes, Euromonitor International
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