Bengaluru emerges a booming market for luxury brands in India
Riding the wave of India's rising luxury market, Bengaluru, India's Silicon Valley, is attracting a growing number of international luxury brands. With its affluent population, driven by tech professionals and entrepreneurs, and established families with wealth, the city offers a unique and promising market.
What makes Bengaluru attractive
One major draw is it high-spending demographics. Bengaluru is home to over 10 million people it is the third most populous city in India. Bengaluru boasts of a large population of high-net-worth individuals (HNWIs), with over 12,600 millionaires 50 centi-millionaires, eight billionaires and a growing presence of tech professionals with high disposable incomes. As designer Aviva Bidapa says, "Louis Vuitton bags are more common [here] than grocery bags. Everyone has them." Little wonder wy Louis Vutoon established a store in UB City 15 years ago, reflecting the city's growing demand for luxury brands. Beside techies, the city is home to "old money" families, Kannada film industry stars, and sports personalities who contribute to the luxury market.
While historically known for its conservative approach to luxury, Bengaluru is witnessing a shift towards international brands and streetwear, with sneakers gaining popularity. Malls like UB City and Phoenix Mall of Asia, The Collective offer diverse brands and experiences alongside online platforms like Tata Cliq. These are the preferred channels for international brands. Moreover, high import duties make luxury goods in India more expensive compared to other markets, but personalized service and curated experiences can attract local buyers.
While international brands like Louis Vuitton and Ferragamo are present, the city also boasts a thriving local luxury scene with designers like Shantanu & Nikhil have store there, then there is Aviva swimwear, founded by Aviva Bidapa to cater to Bengaluru's growing luxury scene. Angadi Heritage, the opulent store selling silk saris and contemporary Indian designer brands. Sneaker Stories India, an Instagram account promoting the sneakerhead community in Bengaluru. Ensemble the multi-brand Indian designer store is located in the popular Jayanagar neighborhood.
Indeed Bengaluru's unique blend of tech-driven wealth, diverse consumer cohorts, and evolving preferences make it a promising market for international luxury brands. By understanding the local landscape, adapting their approach, and offering personalized experiences, brands can tap into this thriving market and contribute to its continued growth.
