Global Luxury Brands Eye India's Growing Wealth

Mumbai has become a hotspot for global luxury brands seeking to tap into India's expanding high-net-worth individual (HNWIs) market. With China's luxury market experiencing a slowdown, brands are increasingly looking to India as a new frontier for growth.

Jean-Marc Pontroue, CEO at Panerai, noted, "India is one of our fastest growing markets though our presence is currently concentrated in Delhi and Mumbai. Over the next decade, we anticipate India to become one of the most promising markets for the luxury industry, particularly for fine watches."

Brands like Bvlgari have recently gone online in India to reach more consumers, given the limited supply of luxury real estate in the region. Anurag Mathur, partner at Bain & Company, stated, "In terms of the depth of luxury buying, India is still more than a decade behind China but reconstitution of consumption happening in China and the rising population of HNIs in India have definitely piqued brands' interest to pursue India in a big way."

New luxury brands, such as Swiss watch and jewelry brand Charriol, are entering the Indian market, with plans to expand their luxury watch offerings for Indian women. The luxury retail market in India is currently valued at $8 billion and is projected to grow to $14 billion by 2032.

Luxury brands are customizing their products to cater to Indian preferences, including designing collections inspired by local culture and offering India-exclusive products. This localization has enhanced their appeal in the country.

DLF Retail has observed strong interest from international brands aiming to target India's younger, digitally savvy audience, not just in metros but also in emerging cities. The overall local retail market is expected to double its growth by 2030, with luxury retail projected to grow six times.