India, the next big luxury market to grow 3.5 times by 2030

Shilpa Dhamija

By Shilpa Dhamija10 janvier 2023

The historical land of the Maharajas and the present day home of 36% of the world’s billionaires - India is swiftly attracting major luxury brands to its progressive shores. Despite the current retail inflation at 6.77%, India’s luxury goods market generated a revenue of nearly 7.5 billion dollars in 2022.

India stands out for its growth potential, which could see its luxury market grow 3.5 times by 2030, according to Bain & Company (Shutterstock)

Valentino, Balenciaga, Galeries Lafayette are only some of the revered high-end brands that have partnered with Indian retailers in the last few months, to bring their creations to the most exciting luxury market in Asia. Valentino opened the doors of its first store in late 2022. A 162 sq metres boutique in the country’s capital - New Delhi. It is scheduled to open another, bigger flagship store in the country’s financial capital - Mumbai, which will carry a complete range of Valentino products across womenswear, menswear, footwear, and Valentino Garavani accessories. While the spanish fashion house, Balenciaga will open its first Indian store in mid 2023.



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Mumbai, the country's financial capital, has a growing number of luxury stores (Shutterstock)

Both Valentino and Balenciaga have partnered with Reliance Brands Ltd.(RBL), a unit of Reliance Industries ltd (RIL) that is owned by the 8th richest man in the world - Mukesh Ambani. RBL is perhaps the single largest retailer of luxury couture brands in India, currently with nearly 35 popular names under its umbrella, including Tiffany & Co., Salvatore Ferragamo, Jimmy Choo, Ermenegildo Zegna, Tory Burch, Tod’s, Versace & Bottega Veneta.

In recent years, luxury brands have increasingly established themselves in India (Shutterstock)

RBL began operations in 2007 with a mandate to not only launch but also build global brands in luxury and premium segments across fashion and lifestyle. In the course of its growth, RBL acquired a notable name in the Indian luxury retail sector - Genesis Colours, the company that was chiefly responsible for bringing brands such as Jimmy Choo, Michael Kors, Coach, Hugo Boss & even Burberry to India

While RBL strategically builds its portfolio of couture brands, another disruptor in the premium market segment- Aditya Birla Fashion and Retail Limited (ABFRL) has partnered with Galeries Lafayette, the Parisian brand, to bring about 200 luxury and designer brands in a massive flagship store of 90,000 square feet spread across two historic buildings in south Mumbai from 2024. A second store in Delhi will be housed in one of India’s largest luxury malls - DLF Emporio in an area of about 65,000 square feet and is expected to be operational by 2025. ABFRL will also launch a dedicated e-commerce platform for Galeries Lafayette in India.

The city palace in Udaipur, India (Shutterstock)

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