India’s luxury market growth leapfrogs annually: Bain & Co
24 January 2022, Mumbai:
The luxury market in India is growing at 25 percent a year in India, says a report by Bain & Co study. Another report suggests India’s market will surpass $200 billion by 2030.
This will make India, a global luxury hotspot with international brands increasingly expanding their footprint in the country.
Gaurav Bhatia, CEO, Maison India, and Ex Managing Director, Sotheby says, luxury brands are considering India as a promising country to expand their market. Big luxury companies including Louis Vuitton, Hermes, and Gucci are focusing on strengthening customer relationships in India, he adds.
KEY HIGHLIGHT
- The luxury market in India is growing at 25% a year
- India, a global luxury hotspot with global brands expanding their footprint
- Luxury brands are considering India as a promising country, Gaurav Bhatia, CEO, Maison India
- Brands e.g. Louis Vuitton is focusing on consolidating customer relationships in India
Net profit of the Indian arm of Hermes International spiked 55 per cent to Rs 18.7 crore for the fiscal year 2019. Louis Vuitton’s revenue grew 41 per cent from 2017 to 2019 showing a net profit of approximately 57 per cent.
Indian shoppers are also becoming more quality conscious while buying apparel or luxury items with the transformation in the fashion and luxury industry.
The country provides exceptional opportunities to luxury brands owing to a new large population of millionaires and strong middle class. It is expected to outrun the US and China markets soon in the luxury sector.
In 2022, India’s luxury market is expected to reach $8.5 billion.
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