These global luxury brands are 'Indianising' their offerings this festive season
The trend of ‘Indianisation’ of global luxury brands has picked up since last year and many brands are joining the party this year too. From Italian Luxury brand, Bvlgari, launching its first India-only jewellery piece as 'Mangalsutra’ to French fashion house- Louis Vuitton launching the ‘Rani Pink’ festive footwear collection, brands are really looking to create their niche in India.
India’s Luxury consumer goods market is seeing a boom amid the festive and wedding season. Luxury retailers with a presence in India are expecting a 30-40% surge in sales in this quarter as India becomes the hub for global luxury brands. From iconic fashion houses to luxury automotive giants, the influx signals a shift in consumer dynamics and a growing appetite for premium experiences. These brands are not just setting up shop; they are crafting new launches that blend tradition with modern luxury, catering to the evolving tastes of the discerning Indian consumer.
The trend of ‘Indianisation’ of global luxury brands has picked up since last year and many brands are joining the party this year too. From Italian Luxury brand, Bvlgari, launching its first India-only jewellery piece as 'Mangalsutra’ to French fashion house- Louis Vuitton launching the ‘Rani Pink’ festive footwear collection, brands are really looking to create their niche in India. This is not all, UK fashion giant, Jimmy Choo, recently launched the 'Diwali capsule collection’ and luxury bag brand, Coach, also launched an India-specific 'Wear Your Shine collection' of bags for Diwali.
Not just new collections, the brands are increasing their presence in India with more stores and bigger spaces. Luxury brands such as Gucci, Cartier, and Louis Vuitton, among others, have opened up stores in the newly launched Jio World Plaza Mall in Mumbai. Spanish couture brand, Balenciaga, has opened its very first store in the same mall in Mumbai. Pushpa Bector, Marketing and Retail head of DLF, says that many luxury brands have renovated and increased space in DLF Emporio in Delhi.
“Global luxury brands are seeing an increased interest in India. Many of them have launched festive collection targeting Indian markets. These brands are also increasing space to accommodate more customers and give better feel to the big spenders. We are expecting this phenomenon to only increase from here," said Pushpa Bector. She added that the driving force behind this luxury boom is a discerning consumer base that seeks more than just products; they crave exclusive experiences.
According to a report by Bain & Co, by 2030, the luxury market in India could reach a staggering $200 billion. Another report by Euromonitor International says that 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. India's economic growth and an expanding middle and upper class have created a conducive environment for luxury consumption, say experts. India’s ultra-high-net-worth individuals (UHNWI) with a net worth over $30 million are expected to rise by 58.4% in the next five years from 12,069 in 2022 to 19,119 individuals in 2027, a report by Knight Frank revealed.
The luxury global brands are salivating looking at the Indian market. There are luxury brands dealing in leather goods that have seen an 1800% surge in sales YOY in India. The point is that rich Indians have seen an increase in earnings and the YOLO mind-set has picked up after the pandemic. The increased spending power and the influx of millennial mindset is what is driving the growth of luxury market in India. I think that more and more brands will come to tap this market in the coming years," said Harish Bijoor, Brand Strategy Expert.
The trend is not just for foreign luxury brands, home-grown luxury brands are also seeing shoppers line-up at their stores. DLF Emporio that houses the luxury brand stores in New Delhi is expecting a 35-40% jump in footfall this festive season, more than half of it coming from Indian luxury couture brands. Clearly, the Indian luxury market is riding on the growing affluence of Indians, driven by increased exposure to global trends and is a great opportunity for both international and home-grown brands.
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