Luxury is changing addresses in India. A recent CBRE South Asia report revealed a surprising shift – high streets, traditionally open boulevards with established retail stores, have become the preferred destination for luxury brands in 2023. This challenges the long-held dominance of shopping malls as the go-to location for premium experiences in top eight cities across India. The study shows a significant shift, with high streets capturing a 45 per cent of the luxury retail leasing market, compared to 40 per cent for malls and 15 per cent for standalone stores.
High street’s appeal
The report highlights a significant shift with high streets taking 45 per cent of the total luxury retail leasing in 2023. So, what's driving this change? Experts suggest several factors contribute to this high street preference.
Exclusivity and brand identity: High streets offer a more curated environment, allowing luxury brands to control their surroundings and create a distinct brand experience. Unlike sprawling malls with a variety of brands, luxury labels on high streets benefit from a sense of exclusivity. As Anshul Jain, Managing Director, India, Cushman & Wakefield, says: "High streets provide a platform for brands to showcase their architecture and design philosophy, creating a strong brand statement
Footfall and visibility: Prime high-street locations offer high visibility and foot traffic. This is particularly attractive for luxury brands targeting affluent consumers who frequent these areas. As Sachin Mutreja, MD, Cushman & Wakefield India points out, prime high streets boasts of high foot traffic, often comprising affluent residents and aspirational shoppers. This ensures greater brand visibility compared to potentially getting lost in a crowded mall.
Flexibility: Most high streets offer more flexibility in terms of store design and layout compared to standardized mall spaces that is an added attraction for luxury brands.
A glimpse of global fashion capitals
Luxury retail in global fashion capitals like Milan, Paris, and New York presents a diverse picture. While high streets do play a role, a more balanced approach is evident.
Top luxury brands often set up large, opulent flagship stores on prominent high streets. These stores serve as brand destinations, offering a unique and immersive shopping experience. High-end shopping arcades, known as gallerias, are another hallmark of luxury retail in these cities. These gallerias house a curated selection of luxury brands under one roof, creating an exclusive and prestigious shopping environment. Established department stores with dedicated luxury sections remain relevant, offering a wider variety of brands and catering to a broader luxury clientele.
In Paris for example, Avenue Montaigne a famed Parisian high street, synonymous with luxury, housing iconic brands like Dior and Chanel. In Milan for example, Via Montenapoleone is the high-street fashion hub that boasts flagship stores of Prada, Gucci, and Versace. In New York City Fifth Avenue remains a prime location for luxury brands like Louis Vuitton and Tiffany & Co., although luxury department stores like Bergdorf Goodman also play a significant role.
India's unique approach
While high streets are gaining traction in India, there are some key differences compared to global markets.
Malls are still relevant they are a popular shopping destination for many consumers, including luxury shoppers. In fact, as per CBRE report as of 2023, malls luxury occupies 40 per cent of retail landscape. This can be attributed to the growing mall culture and the convenience it offers to shoppers. However, the trend is towards high-end malls with a curated selection of luxury brands.
In India standalone stores are less prevalent compared to established markets. This may be due to the high cost of prime real estate and the preference for curated shopping experiences. These stores cater to a niche segment.
Experts predict a continued rise of high streets, with a potential increase in luxury gallerias offering a more curated experience. Malls are likely to adapt by attracting a wider range of luxury brands and creating more exclusive shopping environments. The high street's dominance in India's luxury retail space highlights a growing desire for brand experience and exclusivity. As the market matures, one can expect a more balanced approach, incorporating elements from established global models.

Despite experiencing a period of slow growth in fiscal ending March 2023, High Street Essentials, the parent company behind brands such as ‘FabAlley’ and ‘Indya,' managed to keep its losses steady.

Annual financial statements filed with the Registrar of Companies show, the revenue of High Street Essentials from operations increased by 17.8 per cent to reach Rs 185 crore in FY23 from Rs 157 crore in FY22.

Apparel sales constituted 77 per cent of its total operating revenue, amounting to Rs 142 crore in FY23. The remaining income came from agency commission, which saw a significant increase of 38.7 per cent to Rs 43 crore in the same fiscal year.

The cost of material procurement for the fashion brand increased by 6.8 per cent to account for 27 per cent of overall expenditure, totaling Rs 63 crore in FY23. Cost of advertising and selling grew by 30.8 per cent to Rs 235 crore during FY23 from Rs 206 crore in FY22.

Despite maintaining a flat scale and cost, High Street Essentials reported consistent losses of Rs 45 crore in FY23. Its Return on Capital Employed (ROCE) stood at -247 per cent, with an EBITDA margin of -14.2 per cent. On a unit level, the company spent Rs 1.27 to earn a rupee in FY23.

Established in 2012 by Shivani Poddar and Tanvi Malik, High Street Essentials focuses on two women-centric brands: Indya, which specialises in ethnic clothing and accessories, and FabAlley, catering to Western apparel and loungewear.
The company boasts a presence of over 30 stores nationwide.

A burgeoning brand in India's casual wear market, Harbour 9 aims to revolutionise the industry by offering high-quality, comfortable apparel for all generations. A modest venture that began by catering primarily to men has blossomed into a comprehensive fashion destination for the entire family, thanks to overwhelming success and positive feedback.

Dedicated to making a positive impact, Harbour 9 is attuned to the modern consumer's desire for frequent wardrobe updates. By staying abreast of current trends and consumer preferences through meticulous research and feedback analysis, the brand continually evolves its offerings. Manoj Jain, Director, emphasises on the brand's commitment to ensure affordability without compromising on luxury or quality. The brand aims to deliver cost-efficient, durably crafted apparel that not only looks stylish but also lasts longer than conventional garments, he explains.

Recognising the detrimental effects of fast fashion on the environment, Harbour 9 recently introduced a sustainable clothing line by utilising recycled materials from discarded clothing and PET bottles. Committed to reduce carbon emissions and fostering sustainability in its operations, Harbour 9 strives to make sustainable fashion accessible to consumers. It actively engages with its audience, soliciting input, resolving queries, and fostering a sense of community.
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Looking ahead, Harbour 9 aims to expand its social media presence by leveraging engaging contests and collaborations to connect with customers and amplify its brand reach. With a steadfast commitment to quality, sustainability, and customer satisfaction, Harbour 9 is poised to redefine casual wear in India and beyond.

Renowned Italian luxury fashion house, Bulgari experienced unprecedented success in India in 2023 and the trend continues to soar in 2024, says Jean Christophe Babin, CEO.

Babin attributes this achievement to the robust demand for Bulgari's jewelry offerings, particularly its India-inspired creations like the Mangalsutra and the B.zero1 Kada bracelet.

The recent inauguration of the Jio World Plaza, a luxury mall in Mumbai,played a significant role in Bulgari's success, delivering impressive results. Babin emphasises the importance of tailoring products to resonate with Indian culture, noting the country's deep-rooted traditions. He highlights Bulgari's unique position as one of the few global jewelers offering Indian-centric designs, such as the Mangalsutra, which consistently sells out and has generated waiting lists, even among non-Indian clientele.

To capitalise on this momentum, Bulgari plans to expand its presence in India by opening more boutiques in key cities like Bengaluru, Hyderabad, and Mumbai. Babin acknowledged the challenge posed by the scarcity of quality retail space, particularly in luxury malls, and called for greater collaboration between luxury brands and landlords to unlock India's immense potential.

Additionally, Bulgari is exploring opportunities in e-commerce, considering partnerships with established platforms like Ethos to leverage their robust supply chain for online sales. Babin emphasised the importance of a hybrid approach, combining brick-and-mortar stores with digital touchpoints to reach a broader audience.

Despite the challenges posed by the pandemic, Babin expressed optimism about India's recovery and the strong affinity for Bulgari's brand among Indian consumers. He highlights the synergy between Bulgari's bold and colorful designs and India's rich cultural heritage, emphasising the country's appreciation for colored stones beyond just diamonds.

Esteemed Argentinean apparel brand, La Martina joined hands with one of India's foremost designers, Rajesh Pratap Singh, to launch a capsule collection at the ongoing Lakme Fashion Week (LFW). Blending fashion and sport, the collection pays a tribute to the rich tradition and prestige of Polo in India.

Presenting their luxurious polo collection for Spring/Summer 2024, La Martina introduces a range of styles that have quickly become essential for both sports and fashion enthusiasts alike. From the adventurous La Martina Argentina line to the colonial-inspired aesthetics of the Guards Polo Club collection, each piece exudes the brand's commitment to expert craftsmanship and timeless elegance.

The collection accentuates heritage and innovation, featuring intricate details such as flat Knit Itarsia, fine mercerised flat knits, Chevron Itarsia variations, zardozi badges, hand block printing, and miniature art-inspired polo digital art. Drawing inspiration from the architecture of Jaipur, the embroidery reflects a meticulous blend of tradition and modernity. The fabrics, ranging from custom-woven jacquard to silk twill, along with satin prints and fine linens, are crafted with meticulous care, particularly evident in the riding breeches designed with distinct elegance.

A special highlight of the collection is the curation of handmade and hand block signatures, adding a striking fusion of the polo spirit and Rajasthan's heritage. The polo scarves, woven in the finest Pima and mercerised yarns, epitomise the perfect blend of heritage styling and modern luxury.

Expressing his excitement about the collaboration, Singh emphasises on the collection's tribute to the game of Polo in India, celebrating its enduring charm and deep-rooted cultural significance. .

Adrian Simonetti, Co-founder and President, La Martina, emphasises the sophistication of customers who are delving deeper into the category, seeking authenticity and originality.

Fashion designer Rajesh Pratap Singh made a striking debut at the Lakme Fashion Week x Fashion Design Council of India event with a new collaborative capsule collection alongside the polo-inspired apparel brand La Martina,
Singh emphasised that the new collection transcended mere fashion, serving as a celebration of heritage and sport intricately intertwined. The upcoming pieces showcased intricate details and vibrant cultural motifs, paying a heartfelt tribute to the dynamic spirit of Jaipur.
Held at an offsite location, the collection underscored the deep-rooted connection between Jaipur and Polo. Singh's signature Indian style seamlessly melded with La Martina's Argentinian heritage, evident in the meticulously crafted details such as flat knit intarsia, fine mercerized flat knits, chevron intarsia variations, zardosi badges, and hand block printing.
Adrian Simonetti, Co-founder, and President, La Martina, describes Polo as a realm synonymous with luxury, emphasising its association with passion for horses, an extravagant lifestyle, breathtaking landscapes, and an elite clientele. He noted a growing curiosity among discerning customers, who seek authenticity and originality in their luxury pursuits, thus deepening their appreciation for the sport and its accompanying lifestyle.
Spanning from March 13-17 at the Jio World Convention Centre in Mumbai, the event serves as a prestigious platform to bring together designers from across India. Featuring a blend of physical runway shows and digital showcases, it encompasses various design competitions and fashion seminars, showcasing the diverse and dynamic landscape of Indian fashion.