Luxury brands launch customised collections for Indian sensibilities
21 December 2023, Mumbai
WHY India
Emphatic theme: With the new generation of consumers engaging in high-end indulgence, international luxury brands, including Dior, Gucci, Christian Louboutin, are tailoring their collections to suit Indian sensibilities. Gucci is incorporating intricate jadau designs on its handbags, while Louis Vuitton is launching trunks inspired by Punjabi phulkari designs.
Tectonic shift
Traditionally known for its price-conscious consumers, India is witnessing a seismic shift in its luxury fashion market. From $8.5 billion currently, the market is projected to grow to a massive $85 billion by 2030, as per a Bain & Co. report.
The new paradigm; The growth will be driven by the rising number of wealthy consumers with high disposable incomes. By 2027, India is expected to witness a 69 per cent rise in its number of millionaires. Around 19,000 people in the country will have a net worth exceeding 2027 by this period.
Prolific; With their flamboyant outfits and statement jewelry, Punjabi entertainers and musicians like Diljit Dosanjh, Badshah and Randhawa are also likely to fuel the luxury fashion market in India.
5 key insights, 5-6 words each:
- Luxury Redefined: Global brands adapt, embrace Indian motifs (Dior's jadau, LV's phulkari).
- Market Boom: From frugal to high-end, India's luxury market surges $8.5B to $85B by 2030 (Bain & Co.).
- Wealthy Wave: Rising millionaires, disposable income fuel explosive growth (69% increase by 2027).
- Flamboyant Influencers: Punjabi stars like Dosanjh and Badshah drive trends with bold fashion choices.
- Cultural Infusion: Traditional elements meet luxury brands, shaping a unique Indian luxury identity.
