Savour the following facts on its fascination…
• India’s luxury market is undeniably booming – up by about $255m a year according to Euromonitor International
• Spending is coming from the burgeoning urban middle class and an expanding number of the super-rich. According to the Wealth-X and UBS Billionaire Census India ranked sixth globally in terms of billionaires last year.
• HERMES, JIMMY CHOO, GUCCI and BURBERRY are just a few of the names renting space in the shiniest shopping centres of Mumbai, Delhi and Bangalore.
• As escalating real estate costs and complex regulations delay the entry of foreign brands into India, some brands are choosing to avoid spending millions on stores, marketing and hiring talent, and are instead testing the market by stocking their merchandise with specialist online retailers and marketplaces such as Jabong and Myntra.
• All top of the line brands like TAG, CHRISTIAN DIOR, LOUIS VUITTON are already in India and selling as well! In fact, sometimes the latest lines of luxury cars and lifestyle clothing are first launched in India.
• India is today the world’s largest growing economy where tourism has increased to such an extent that the hospitality industry is showing an annual growth of 40%.
• According to the financial times editor, Martin Wolf, India will emerge as the world’s largest economy by 2050.
• 15.3 million Indians welcome luxury products. The total upper-upper segment which can buy products priced above Euro 2000 is app. 7 million. The upper middle which buys between Euro 800-1000 is 100 million.
• LVMH which is considered the world’s largest and oldest established luxury brand is showing an annual growth rate of 35% in the Indian market!
• All luxury companies such as CHANEL, HUGO BOSS, TOMMY HILFIGER, LVMH are now actually in the process of increasing the number of exclusive stores!
• AUDI and other international car makers have launched their international models
• The size of the Indian market for high end clothing in India is more than Euro 180 million and the market for accessories is another Euro 180 million.
• Indians are well known connoisseurs of fine things in life, be it super-premium watches or high priced jewellery. Hence, major international brands have cashed in on this penchant for luxury goods.