Luxury market in india
Indian luxury consumer
Earlier imports attracted an additional countervailing duty of 12 per cent and Special Additional duty of 4 per cent in addition to the basic duty. Consolidation is key With Reliance brands having taken over Genesis Retail in , the largest fashion and accessory conglomerate of Indian Luxury and premium space has taken shape. Perfumes international luxury brands like Chanel, Hermes, Dior, etc and Indian Apparel from designers like Sabyasachi, Rohit Bal, Manish Malhotra are the largest growing segments within luxury products. Views expressed are personal. They allow customers to design and order their own shoes online and then have them hand made by craftsman in Great Britain, Italy and Spain. Regulations Since November there has been introduction of several cash related restrictions which made an impact on luxury sector- first demonetization, then the 2 lakh limit, after that PAN Card business and the last of them was the GST implementation. Technology and Luxury From high end home appliances such as Sub Zero Wolf to tech controlled homes like Home Automat, luxury and technology seem to marry and create an inseparable union. With three of the largest department stores launching their own private labels, while not all are a luxury to the better travelled among us, nearly 28 percent of retail clothing sales from structured retail today comes from the department store segment including Shoppers Stop, Pantaloons and Westside among others. Experts and marketers gathered at a two-day Mint Luxury Conference in Mumbai on 31 October and 1 November to discuss some of these issues and challenges. On other hand, another concept store called 'Watasale' went further to create cashier less store, its first store in Kochi and have plans to expand to other cities including Bengaluru and New Delhi in the near future. Because of these variations, it's getting very complicated to precisely judge and gauge the luxury market. A brand who pays heed to such demands will perhaps go a long way. Indian consumers buy to flaunt. But for veterans like J Suresh, chief executive officer of Arvind Brands, the market will remain niche.
This country also has an increasing level of disposable incomes joined to high brand awareness level. In Bangalore, Decathlon launched a similar store by introducing a 'phygital experience'- an innovative mix of physical retail and digital touch points.
Today, China has become one of the biggest growth drivers of such products, and India is yet to take off.
A similar growth trajectory is expected in the next few years as well. This will be the next growth driver for luxury companies in India.
On top of this, hefty mall rentals and profit sharing agreements were tipping companies over too. As we have seen, especially sincefashion purchases have evolved to a more desire and aspiration based activity.
A breakdown of luxury market categories shows that growth has beat expectations. The number of luxury outlets across Delhi-NCR is evidence enough of this growth.
based on 74 review