analysts predict India is about to take a much bigger bite.
Hold on tight to your designer bags, because the Indian luxury market is expected to surge by a staggering 15-25% annually for the next seven years, reaching a phenomenal €23-€38 billion by 2030.
Fueled by a Rising Affluent Class
This luxury boom is driven by India's burgeoning middle class. As their incomes rise, so does their desire for high-end products. Consumers are ready to indulge, and luxury brands are taking notice.
Metro Cities: A Hub for High-End Living
India's major cities are transforming into luxury havens, attracting established brands and new players alike. These metropolitan areas boast a whopping 90% of the country's luxury stores, and the demand for premium goods is skyrocketing.
- Delhi: India's capital caters to established wealth, housing iconic stores like the very first Louis Vuitton in the country, established in 2003. Talk about heritage!
- Mumbai: Mingle with the elite at Jio World Plaza, the nation's largest luxury mall. This visionary project, spearheaded by Isha Ambani's Reliance Industries (which manages the mall), is rumored to have its sights set on Neiman Marcus Group. Exciting things are on the horizon!
- Bengaluru: India's tech hub is undergoing a luxurious transformation. The recent opening of the Mall of Asia exemplifies this growing trend.
Global Brands Dive In
Luxury giants are recognizing India's potential. Galeries Lafayette is planning a grand debut through a collaboration with developer Aditya Birla, and Christian Louboutin has already partnered with the same company.
Timeless Treasures: The Allure of Luxury Watches
For India's tech millionaires, luxury watches are a coveted status symbol. This flourishing market is expected to reach €1.4 billion by 2025, fueled by an impressive 12.5% annual growth rate.
A Golden Opportunity for Established Brands
Mall operators see a bright future for luxury brands like Gucci in India. Renowned names like Louis Vuitton, Chanel, and Dior are also perfectly positioned to capture a significant share of this burgeoning market.