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India’s luxury goods market to grow at 1.34% CAGR from 2024-2028: Report

15 January 2024, Mumbai

Currently worth $7.86 billion, India’s luxury goods market revenue is projected to grow at 1.34 percent CAGR from 2024–2028. As per a report by Bain & Co., India's luxury market is expected to grow exponentially to 3.5 times its current size by 2030.

One of the fast-growing luxury markets in the world, has the potential to become the next big thing in the industry. The market's largest segment is prestige cosmetics and fragrances, with a market volume of $2.28 billion in 2024.

Evolutionary paradigm

In a bid to tap into new demographics and showcase their collections, luxury brands have collaborated with Indian retailers in the recent past. This harmonious fusion has brought a diverse spectrum of luxury brands within arm's reach of Indian enthusiasts.

Reliance Brands (RBL) has partnered with over 60 premium global brands such as Burberry, Giorgio Armani, Valentino and Balenciaga. Aditya Birla Fashion Retail partnered with the niche French luxury department store chain Galleries Lafayette.

Data-point

The Indian luxury market maintained its exclusivity with a high price point and limited sales volumes and outlets. According to recent reports, the number of millionaires in India is projected to grow by 105 percent by 2026. These UHNIs will drive the explosive expansion of the Indian luxury market.

A report by Cushman and Wakefield notes that the supply of new retail space in the country’s top eight cities will continue as developers strive to meet rising demand from retailers.

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Bottega Veneta teams up Reliance Brands for an EBO in Mumbai

Bottega Veneta teams up with Reliance Brands for an EBO in Mumbai
Italian luxury brand Bottega Veneta has teamed up with Reliance Brands to open an exclusive brand outlet in Mumbai’s Jio World Plaza. Housing the brand’s leather goods and accessories, this is the brand’s third store in India to date.

Having a simple yet sophisticated interior, the store has a rough surface with oversized stools for seating. It also has sofas arranged around an industrial style table. The neutral color palette of the store is accentuated with shades of apple green while its dim lighting highlights its backlit handbags. 

Run by international luxury fashion business Kering, Bottega Veneta is distributed by Reliance Industries’ retail business, Reliance Brands in India. The brand has two more stores in India; one in DLF Emporio, New Delhi and the second in Palladium Mall, Mumbai.acc

Bottega Veneta teams up Reliance Brands for an EBO in Mumbai

Lee unveils stylish Bengaluru store on Commercial Street

American denim and casual apparel brand Lee has inaugurated its new store on Bengaluru's Commercial Street, marking its presence on the upscale high street. The store, launched on New Year's Eve, showcases a fusion of style and comfort, offering a range of classic cuts and the latest trends for both men and women.

Owned by US-based Kontoor Brands, Lee transitioned to a franchise model in 2021, with Bengaluru-based Ace Turtle as its licensee. Ace Turtle, previously focused on e-commerce solutions, has evolved into a franchise operator for global brands, holding India franchise rights for Toys 'R' Us, Wrangler, and Dockers.

The experiential store design emphasizes the "theatre of denim lifestyle," featuring impactful product displays, vibrant store graphics, "Lee doodle art," and cutting-edge technology. Lee's brand ambassadors, Bollywood actress Sara Ali Khan and rapper King, are highlighted in visual campaigns.

Founded in 1889, Lee is part of Kontoor Brands, a global lifestyle apparel company with brands like Wrangler and Rock & Republic. In India, Lee products are available at exclusive brand outlets, departmental stores, and online platforms like Amazon, Flipkart, and Myntra.

Lee unveils stylish Bengaluru store on Commercial Street

Claystones expands retail network with new store in Hyderabad

Accessories, handbags, gifts, and lifestyle retailer Claystones has expanded its retail network by opening a new brick-and-mortar store at the Lulu Mall in Hyderabad. Located in the city’s Lulu Mall, the store retails the brand’s its array of traditional and fusion style goods.

Alongwith a wall dedicated to bright printed handbags featuring ethnic textiles, the store also has various segments for cartoon style figurines, homeware such as vases and sculptures, gift items such as dolls, and other textile products among others. 

Besides Claystones, the Lulu Mall houses other international and Indian brands including jockey, Market 99, Vision Express, Swa Diamonds, Becoming, Linen Club, Peora, Tissot and Trends. The Mall was inaugurated by the Lulu Group n September 2023 as part of its wider investment plan for the state of Telangana.

Lulu Group has a vast number of malls in India including in Lucknow and Kochi. The group’s malls offer a mix of Indian and international brands with a focus on fashion and lifestyle products. 

Claystones expands retail network with new store in Hyderabad

Payal Singhal collaborates with Coach for first demi-couture collection

As part of her brand’s celebrations for its 25th century in 2024, eponymous designer Payal Singhal collaborated with accessories brand Coach to launch her first ‘demi-couture ’collection.

Blending bright hues of magenta and yellow with tropical prints and glittering details, the collection offers long, floaty silhouettes and fluid textiles that offers customers a luxury meets resort wear feel. 

As a part of its omni-channel expansion strategy, the brand also opened two new flagship stores, one in Kala Ghoda in Mumbai and another in Dhan Mill in New Delhi

 Last year, Singhal collaborated with cosmetic brand Kiro Beauty to launch makeup kit The label also launched a floral gifting range with Bloom Barn Mumbai and an exclusive ready-to-wear collection with multi-brand retailer Azorte.

Payal Singhal collaborates with Coach for first demi-couture collection

Pepperfry’s operating revenues increase 10% in FY’23: Tofler

The operating revenues of home goods, accessories, and furniture business Pepperfry increased by 10 per cent Y-o-Y to Rs 272.3 crore in FY’23, as per a report by business intelligence platform Tofler. The company had reported operating revenues of Rs 246.9 crore in FY’22.

Net losses of the Mumbai-based online business decreased slightly to Rs 187.6 crore in FY’23 as compared to Rs 194 crore in FY’22. The reduction was a result of Pepperfry’s expenses rising at a slower pace of 3.5 per cent Y-o-Y, compared to its top-line.

Pepperfry’s warehousing and logistics expenses also reduced to Rs 87.4 crore in FY’23 compared to Rs 89.3 crore in the FY’22 financial year. Its advertising and promotional expenses reduced by 10 per cent Y-o-Y to Rs 106 crore.

Pepperfry’s expenses increased to Rs 474.1 crore during the year as its finance costs, depreciation expenses and expenses towards employee benefits increased..

Pepperfry’s operating revenues increase 10% in FY’23: Tofler

Premya launches new collection of zero waste apparel

Premya, the luxury womenswear brand has launched a new collection of ethically sourced and zero waste apparel for women. Taking a minimalist approach to fashion, the collection offers practical designs for the modern Indian women.

Retaining the designer’s idealism, the collection blends simplicity with sensuality to create a charming assortment of elegant designs. The color palette of the collection ranges from black to white to pastel neutrals while the fabric ranges from weightless georgettes, tulle, Chanderi to organza.
 
Launched by entrepreneur Manishii Joshi as a couture brand, Premya follows zero waste techniques to create occasion wear in collaboration with fourth generation craftsmen from across India.

Offering both traditional and contemporary styles, Premya operates from a number of multi-brand luxury boutiques in India like Pernia’s Pop-Up Shop, Elahe, Lilly’s Boutique London and Aashni & Co. The brand is also available online.

Premya launches new collection of zero waste apparel

Shoppers Stop expands in Rajasthan with a new store in Ajmer

Multi-brand fashion and lifestyle retailer Shoppers Stop has expanded its retail presence in Rajasthan with a new department store in Ajmer. Retailing a wide range of products for men, women and kids the store is located within the Mittal Mall.

Focusing on fashion and lifestyle goods, the store houses dedicated segments for handbags as well as ethnic and western wear. It is located alongside other brands such as Adidas, Campus, Levi’s Jade Blue, Monte Carlo, Mochi, and Crocs among others in the mall.

An Indian department store chain owned by the K Raheja Corp, Shoppers Stop has 86 stores across 40 cities in India, with clothing, accessories, handbags, shoes, jewellery, fragrances, cosmetics, health and beauty products, home furnishing, and decor products.

The store chain has been awarded "the Hall of Fame" and won "the Emerging Market Retailer of the Year Award", by the World Retail Congress at Barcelona, in April 2008. It is also listed on the BSE and National Stock Exchange of India.

Shoppers Stop expands in Rajasthan with a new store in Ajmer

Brand Studio Lifestyle forays into Middle East e-commerce market

House of fashion brands, ‘Brand Studio Lifestyle’ has forayed into the Middle East e-commerce market by launching its apparel portfolio in the region.

The Bengaluru-based company has partnered with a number of e-commerce platforms in the region to reach new shoppers and boost its revenue. 

The business has partnered with UAE-based e-commerce platforms like Styli, Noon, Namshi, and Centerpoint to retail these labels online across the UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman.

Shyam Prasadm CEO, Brand Studio Lifestyle, says, the expansion is in line with the company’s vision to deliver on-trend fashion through a robust supply chain ecosystem. Brand Studio Lifestyle owns clothing labels including Tokyo Talkies, Vishudh, Highlander, Ketch, and Locomotive. 

Nirmal Jain, CEO, Styli, Landmark Group, adds, this partnership with Brand Studio Lifestyle will help the group introduce Gen Z centric portfolio of brands to consumers in the Middle East.

Brand Studio Lifestyle forays into Middle East e-commerce market

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