Best Modular Kitchen Brands in India:  Transform Your Cooking Space

As per the reports published by Bain & Company, the global jewellery market is expected to grow by 4-6% each year, whereas there has been an increase of 8-10% in the luxury market segment. All these statistics are driven by changes in customer behavior; as per another report by Deloitte, there has been a growth of more than 35% in the self-purchase ratio of women, which makes jewellery a daily luxury for them.

Considering all these facts, there was an event held in Mumbai in 2026 named JewelX Conclave where the top players in the industry gathered to discuss their plans for jewelry. In the panel discussion named “The Icons of Innovation: Where Jewellery Goes Next” chaired by Ritu Marya, Editor-in-Chief, Retailer Media, experts discussed the changes happening in the category.

A New Era of Diamonds

Anmol Bhansali, Managing Director, Goldiam International, highlighted the scale of disruption driven by lab-grown diamonds:

“Lab-grown diamonds, as a portion of our sales, have gone from five percent to today eighty to ninety percent in that range… our average carat per piece… used to be half a carat. Today… it’s north of two carats.”

This shift reflects a broader consumer trend of seeking higher value while maintaining aspiration. With the lab-grown segment growing at over 20 percent globally, consumers are now able to access larger and better-looking jewellery without stretching budgets.

Bhansali emphasised that even at similar price points, expectations have evolved:

“That feeling of buying something special… even at the same price point… is very, very important.”

He also pointed to emerging demand pockets in India:

“Where we see consistent demand is… thirty to fifty thousand… for gifting, or in that one to two lakh range where somebody can finally afford a one or two carat diamond.”

Also Read: Why India’s Jewellery Industry Is at a Turning Point

Design Meets Experience

As competition intensifies, differentiation today goes beyond design alone. Bhansali explained:

“Design has multiple factors… the most important… is quality… you could feel the difference on your skin.”

The in-store experience is becoming equally critical. He shared:

“We’ve launched… the first digital ring builder… where a young couple can… have a basket of five to six thousand options… a very fun, unique way to introduce customers to diamonds.”

This aligns with a larger shift where younger consumers increasingly prefer personalised and interactive shopping journeys.

Lightweight Luxury Moves into Focus

With gold prices on the rise, having risen considerably in the past few years, manufacturers need to come up with something new. Yuriko Menon, Director, Goldstar Jewellery said:

"With gold prices going up… we have to give them lightweight jewelry… but still very design forward and looking like luxury."

She mentioned an important change in behavior as well:

"She's buying for herself now… then there's a lot of customisation… the answer… is agility."

Agility and quick response have become crucial in the present-day market:

"You have to be very fast… innovative… as long as you're keeping up… it's all good."

Further, Menon stated that today's consumer is a dynamic one:

"She's buying natural diamonds… and then buying a lab-grown in silver for gifting… everything is being bought depending on how you're selling."

Also Read: Senco MD Suvankar Sen on India’s Growing Jewellery Market

Aspiration Beyond Metros

Demand is expanding rapidly beyond metro cities. Deep Chokshi, CEO, D Khushalbhai Jewellers, pointed out, "Customers in tier II and tier III cities are as informed as customers in metros today."

With the emergence of digital platforms as the drivers of awareness and aspirations, consumers are matching their expectations across regions:

"They want modern designs at affordable prices… exactly as seen on the internet."

This rising demand in small cities is emerging as an important growth factor for the industry.

From Product to Storytelling

Jewellery today is no longer just about the product. Gautam Soni, Founder, The House of MBJ, explained:

“Consumers today are not just buying jewellery… they are buying a story behind each piece.”

He highlighted the importance of continuous evolution:

“We have to continuously evolve designs… while educating customers about craftsmanship and sourcing.”

Retail is also transforming into an experience-led format:

“It’s no longer just about selling… it’s about creating an experience in store and across digital platforms.”

Balancing Legacy with Change

For legacy brands, adapting to change is both necessary and challenging. Dheeraj Pherwani, Director, L. Sunderdas Zaveri, shared:

“The biggest challenge is not external… it is internal transformation.”

He added:

“We have to modernise design, pricing and adopt digital… while staying true to our heritage.”

What Lies Ahead

Innovation in lab-grown diamonds creating change in valuation and lightweight innovation due to cost increases are some of the clear examples which point out that jewellery is definitely experiencing structural changes at the moment. Along with the rise in self-purchasing trend, influence of digitalisation and increasing demand from secondary cities, the game plan is being altered in real-time.

What stands out is that growth is no longer driven by a single factor. It is being powered by a mix of accessibility, aspiration, and experience, all evolving together.

As stated by Bhansali, “...we feel that we are here to stay...and want to bring experiences...that would have otherwise been available only worldwide...to the Indian consumer.”

So, the future is no longer some far-off idea. It is already unfolding, shaped by faster innovation, more informed consumers, and a market that is more dynamic than ever before.

In the retail stores of India, Scotch whisky remains a testament to its legacy and craftsmanship. However, during this year's National Scotch Day, the tale is not only one of legacy but also of how Indians are defining their own choice when it comes to whisky, and how local single malts are carving out their own place amid other world-famous brands. From a retail perspective, the shift is visible in what people are picking, exploring, and celebrating.

Scotch’s Influence and India’s Response

The image of Scotch has been instrumental in defining the image of whisky in India. The legacy has helped create an awareness as well as aspiration for single malts.

“Scotch has certainly inspired us by showing that single malt can thrive as a category. At the same time, we pioneered Indian single malt, and today, we have even surpassed Scotch in terms of domestic sales,” said Rakshit Jagdale, MD, Amrut Distilleries.

This shows how the market has evolved from admiration to competition. Indian brands are now confident about their quality and identity.

“Indian whiskies in terms of quality are in fact better than some scotch select scotch whiskies and is looked at on par given the number of international awards which we win, the brand patronage we enjoy and also the love we receive from consumers,” he added.

A Shift Towards Premium Choices

The Indian whisky market is changing fast. Consumers are no longer just buying a bottle. They are looking for an experience.

“India's whisky consumer is evolving rapidly. We are seeing a clear shift from simply buying a whisky to seeking a more meaningful drinking experience built around quality, authenticity, craftsmanship, and brand heritage,” said Gautam Malhotra, Director, Oasis Group.

Rising income levels and exposure to international trends have led to this transformation. Consumers are willing to spend more and try different styles.

“The premium and super premium segments are showing particularly strong momentum, with consumers increasingly willing to spend more for quality and distinctive flavour profiles,” he explained.

Also Read: How India’s alcohol market is growing through premiumisation and retail 

Beyond Metros: A Wider Market

The demand for premium whisky is no longer limited to big cities. Smaller towns are becoming important growth areas.

“Premiumisation is no longer a metro-only phenomenon. Tier II and Tier III cities are emerging as important growth markets, with consumers becoming increasingly aware and experimental in their choices,” said Malhotra.

This change is supported by digital exposure, travel, and better retail availability. Consumers today want products that reflect aspiration and individuality.

Changing Consumer Preferences

Indian consumers are also becoming more open to trying non-Scotch whiskies. This is one of the biggest shifts in recent years.

“Indian consumers are definitely becoming more open to trying non-Scotch whiskies. In fact, domestic consumption of Indian single malts has surpassed the combined consumption of all Scotch whiskies,” highlighted Jagdale.

He explains that Indian single malts are gaining popularity because they offer new flavours and suit local tastes better.

“Indian consumers are being offered far more innovative expressions, while many Scottish distilleries have been relatively conservative,” he added.

Retail Experience Matters

Retail plays a key role in shaping consumer choices, especially in the premium segment.

“In the premium whisky category, the in-store experience can be a powerful influence on consumer choice. Premium packaging, strong shelf visibility, and knowledgeable retail staff can make a meaningful difference,” said Malhotra.

Rupi Chinoy, Director, South Seas Distilleries, also highlights how different retail formats contribute to growth.

“Each retail format contributes uniquely to our growth. Premium stores strengthen brand positioning, on-trade creates consumer engagement and trial, while modern retail expands reach and convenience,” she stated.

Even with restrictions on online sales, brands are finding ways to connect with consumers.

“Despite the restricted D2C environment, we build consumer engagement through our website, Instagram, and responsible digital campaigns,” Chinoy added.

New Occasions and Consumption Trends

Whisky consumption in India is becoming more social and experience-driven.

Jagdale points out, “Indians are travelling more and are open to exploring different flavour profiles. Whisky is increasingly being enjoyed with family and friends, and gifting has also become a much more accepted part of the category.”

Chinoy also observes a shift in how people consume whisky.

“We are seeing a clear shift towards premiumisation, with consumers increasingly seeking higher quality and differentiated offerings. Occasions are becoming more experience-driven, with a focus on social and celebratory moments,” she said.

Top Scotch Brands in India

Luxury Segment

• The Macallan
• Glenfiddich
• The Glenlivet
• Chivas Regal

Premium Segment

• Johnnie Walker
• Ballantine’s
• Dewar’s
• 100 Pipers

Popular Segment

• Teacher’s Highland Cream
• Black Dog
• VAT 69
• White Horse
• Bell’s
• Grant’s

The Road Ahead

With National Scotch Day being celebrated, the Indian whisky market shows a balance between respect for legacy and enthusiasm for innovation. Scotch remains firmly entrenched as the benchmark for the rest of the world. On the other hand, Indian single malts continue to thrive, driven by new consumer preferences.

There is no contest between whisky types in India; there is just a need for co-existence and choice.

For years, India’s idea of a healthy lifestyle has centred around what we eat, the products we use and how often we work out. We changed the oils in our kitchens, brought millets back into our diets, started reading labels more carefully and became more conscious of what goes into our bodies. But as consumers become more particular, the focus is now shifting to what we are cooking in. And this shift is becoming more visible every passing day. The kitchen is no longer seen only as a functional space. It is becoming a place where health, design, convenience and everyday values come together. According to IMARC Group, India’s cookware market was valued at USD 2.7 billion in 2025 and is expected to reach USD 5.7 billion by 2034, reflecting how consumers are investing more in kitchen products that offer quality, durability and better everyday experiences.

This mindset is now shaping purchase decisions beyond food. Consumers are asking sharper questions before bringing products into their kitchens: Is the product safe? Will it last? Is it better for my family? Does it fit the way I want my home and lifestyle to feel? More importantly, this shift is no longer limited to cookware alone. Consumers are beginning to rethink the entire kitchen ecosystem—from prepware and cookware to storage and serveware—with a greater awareness of the materials they bring into their homes and how these influence health, safety, durability and everyday living. What was once considered mainly for function is now becoming a reflection of personal taste, health priorities and the kind of home people want to create.

The kitchen is where this shift from utility to identity is becoming most visible.

Not long ago, cookware was one of the least questioned purchases in an Indian household. A pressure cooker, kadai or saucepan had to do three things: cook well, last long and fit the budget. Most decisions were driven by familiarity, family recommendations or habit. A certain vessel worked for our mothers and grandmothers, so it continued to work for us.

That relationship is changing. Today’s consumer is comparing materials, reading reviews, understanding heat retention, asking about coating safety and looking beyond the upfront price. Cookware is no longer being judged only by how quickly it cooks or how durable it appears. It is increasingly being evaluated for how it supports everyday well-being and fits into a more intentional way of living.

This is not very different from what happened in other home and lifestyle categories. A mattress was once just a household purchase. Today, people connect it to sleep quality. A chair was once furniture. Today, people think about posture, comfort and long working hours. Skincare was once about beauty. Today, it is also about ingredients, transparency and long-term skin health.

The pandemic may have accelerated this shift, but it did not create it alone. It brought many people back to home cooking, but the deeper change was emotional. The kitchen became a place of comfort, creativity and control at a time when much else felt uncertain. For many younger homeowners and working professionals, it also became part of the home’s visual identity. Open kitchens, social media-led food culture and a growing interest in well-designed homes have all changed the way people look at the tools they use every day.

As a result, consumers now expect more from cookware. They want it to perform well, but they also want it to look appealing, feel safe, last longer and fit naturally into modern Indian homes. A pan or pot is no longer just something that sits inside a cabinet. In many homes, it moves from the stovetop to the dining table. It is seen, used, photographed and lived with. The same expectations are now extending across the kitchen, influencing how consumers choose chopping boards, mixing bowls, food storage containers, baking essentials and even serveware. Rather than viewing these as standalone purchases, consumers are beginning to see the kitchen as an integrated ecosystem where every product contributes to a healthier, more functional and more thoughtfully designed home.

This is where material choice becomes important. Indian cooking is complex. It involves high heat, slow cooking, frying, simmering, tempering and acidic ingredients. Cookware made for Indian homes needs to respond to these realities. Enamel-coated cast iron, for instance, is valued for even heat distribution, strong heat retention and a non-reactive cooking surface, making it well suited for slow-cooked curries, everyday sabzis and tomato-based dishes. Its durability also reflects a growing preference for buying fewer, better-made products instead of replacing cookware every few years.

The larger point is not that every consumer must choose one material over another. The larger point is that the choice itself is becoming more informed. Consumers are beginning to understand that cookware is not a neutral part of the kitchen. It influences how food cooks, how flavours develop, how long a product lasts and how confident people feel about what they are using every day. That same awareness is increasingly extending to the broader kitchen ecosystem, where material choices across prepware, storage and serveware are becoming just as important as the cookware itself.

This phenomenon is why the shift in kitchenware should not be dismissed as simple premiumisation. Premiumisation often gets understood as people spending more. But the more interesting story is why they are spending more. Often, it is not about status or aesthetics alone. It is about trust, safety, longevity and the desire to build a home around better choices. 

For brands, this creates both an opportunity and a responsibility. The next phase of kitchenware will not be won by products that simply look premium. It will be shaped by products that solve real problems inside Indian kitchens. That means designing for Indian cooking, not only borrowing from global aesthetics. It means choosing materials that can withstand everyday use. It means being transparent about what products are made of. It means helping consumers understand why build quality, surface safety, heat performance and longevity matter—not just in cookware but across the entire kitchen ecosystem. Most importantly, it means moving the category away from impulse-led upgrades and towards better-informed decisions.

The Indian kitchen has always been central to the home. What is changing is the attention we are finally giving to the objects inside it. India is not just upgrading its kitchens. It is upgrading the meaning of kitchenware itself. As consumers begin questioning not only what they eat but also what they cook, prepare, store and serve food in, the entire kitchen ecosystem is becoming more intentional. Kitchenware is moving beyond household utility. It is becoming a reflection of values, lifestyle and identity. That is why kitchenware is quietly emerging as India’s next lifestyle category. Not because it is fashionable, but because it has become meaningful.

Authored By

Niharika Joshi, Founder, Cumin Co

India's men's personal care industry has spent the better part of two decades selling products through the language of confidence, transformation, and a version of masculinity that felt aspirational rather than practical. That approach worked well enough to build a real category in the personal care business, and it has helped the market grow from roughly Rs 20,500 crore in 2024 to a projected Rs 38,300 crore by 2033, according to IBEF. But the strategies that built this category over the last ten years are unlikely to be the ones that sustain its next phase of growth, largely because the market has matured past the point where confidence alone can carry a purchase decision.

What is changing now is the maturity of the buyer. Men who once needed to be convinced that grooming was something they were allowed to care about now expect brands to understand the specific, often unglamorous problems they are actually trying to solve. They have far less patience for messaging that treats every product as a stepping stone toward some larger transformation of self. This shift rewards brands that are willing to be precise rather than aspirational, and it punishes those that continue to lean on vague notions of masculinity to sell what is, at its core, a functional product.

Understanding Buyer Behaviour

Part of what makes this shift interesting is how the modern male buyer can now be defined, not by age bracket or city tier but by the physical discomfort he is quietly living with. Across metropolitan India, a largely underserved segment of men deal with recurring, practical irritations: thigh chafing during long commutes, underarm odour that becomes a professional liability in air-conditioned offices, sweat rash that shows up every summer regardless of income or education level.

These men span software engineers, teachers, field sales professionals and designers. What unites them has little to do with demographics and everything to do with how they relate to their own discomfort, which is less as an identity issue and more as a logistical inconvenience. They adjust their posture, keep a jacket on through a hot afternoon, or wipe down quickly before an important meeting. This continues until a single moment, a client call, a first date, a long train journey, makes the workaround untenable. It is at that exact point that behaviour flips from passive tolerance to urgent action, leading a buyer to search Amazon or Blinkit, compare two or three options, and complete a purchase the same day.

This compression of the decision window matters more than it once did, because online retail has become the primary stage on which these purchase decisions now play out. E-commerce already accounts for an estimated 30 to 35 percent of men's grooming sales in urban India. The moment a man begins searching for a solution is increasingly the same moment he completes his purchase, leaving very little room for brands to build consideration over time the way they might have in an offline retail environment.

From Emotional Appeal to Ingredient Trust

This same audience is also becoming considerably more particular about what is actually inside the products it buys. Globally, 68 percent of men now say they care more about their appearance than they did five years ago. The average male grooming routine has expanded to roughly seven distinct steps, a marked departure from the single all-purpose product that once defined the category. Men are clearly willing to adopt more products and more specialised routines than they were even a few years ago, but they are doing so on the strength of ingredient transparency and demonstrable function rather than the emotional appeals that once drove the category.

None of this means masculinity has to be scrubbed out of how these products are marketed. It means the underlying assumption baked into most grooming advertising, that men need to be persuaded their body matters before they will act on discomfort, is no longer holding up. Naming the problem accurately, describing exactly where and when it shows up, and explaining plainly how a product resolves it is proving to be a more effective strategy than any amount of aspirational storytelling, and it is likely to define how the strongest brands in this category grow from here.

The Next Frontier

The next phase of growth in men's personal care will not come from convincing men to care more about themselves. It will come from recognising that for many, the trigger is not vanity but convenience, comfort, and the desire to function better in everyday life.

As categories evolve, brands that succeed will be those that remove stigma instead of reinforcing it. That means replacing exaggerated transformation narratives with honest education, building trust through transparency, and designing communication around real-life use cases rather than idealised lifestyles. In an increasingly competitive D2C landscape, the brands that solve specific problems with clarity and credibility will build stronger customer loyalty than those relying solely on emotional storytelling.

Authored By

Pritam Kudev, Founder, Mannlich

The arrival of the monsoon brings a welcome break from soaring temperatures, but it also introduces a new set of beauty challenges. High humidity, pollution, and frequent exposure to rainwater can leave the skin feeling oily, clog pores, trigger breakouts, and make hair more prone to frizz, scalp buildup, and excessive hair fall. As seasonal concerns intensify, switching to products designed for humid weather becomes essential.

Beauty brands are increasingly responding to these challenges with lightweight, hydrating, and ingredient-led formulations that help maintain the skin's moisture balance while strengthening hair from the roots. From Ayurvedic hair growth solutions to pH-balanced cleansers and curl-defining haircare, the right products can help you build an effective monsoon beauty routine.

Monsoon Beauty Challenges Call for Smarter Skincare and Haircare

Humidity can increase oil production while simultaneously weakening the skin's protective barrier. Similarly, excessive moisture and sweat can affect scalp health, leading to hair fall, dandruff, and frizz. Choosing products with ingredients such as hyaluronic acid, niacinamide, aloe vera, bhringraj, and rosemary can help address these seasonal concerns without weighing down the skin or hair.

Here are five skincare and haircare brands that are worth adding to your monsoon beauty routine.

1. Indulekha Bringha Hair Growth Serum

Monsoon often leads to increased hair fall due to humidity and scalp buildup. Indulekha addresses this concern with its Bringha Hair Growth Serum, India's first clinically tested Ayurvedic hair growth serum.

Powered by 100 percent Ayurvedic actives, the lightweight, non-greasy serum combines Bhringraj, Amla, Aloe Vera, Curry Leaf, Brahmi, and Rosemary to nourish the scalp and strengthen hair from the roots. The formulation is free from parabens, synthetic fragrances, and mineral oil.

According to the brand, two independent clinical studies found that the serum helped grow over 11,000 new hair strands in 90 days while delivering 2X more hair growth than serums containing 3 percent Redensyl. It also claims to reduce hair fall by up to 50 percent, strengthen hair from the roots, improve hair density, and support a healthier hair growth cycle.

2. Humuss Beauty Berry Breeze – Mulberry & Hyaluronic Acid Face Wash

Rainy weather can leave skin feeling greasy while still dehydrated. Humuss Beauty's Berry Breeze Face Wash is formulated to cleanse without disrupting the skin's moisture barrier.

Enriched with Mulberry, Aloe Vera, Hyaluronic Acid, and Niacinamide, the pH-balanced gel cleanser removes dirt and excess oil while keeping skin hydrated and refreshed. Suitable for all skin types, it is dermatologist-recommended and formulated without parabens, silicones, or added colors. It is also 100 percent vegan and cruelty-free, making it an excellent everyday cleanser during the monsoon.

3. The Curl Co.

Humidity is one of the biggest challenges for curly and wavy hair during the monsoon, often causing frizz and loss of definition. The Curl Co. offers a range of curl-focused haircare products designed to hydrate curls, minimize frizz, and enhance natural texture. This includes Curl Co. Strong Hold Cream and Frizz Control and Shine Serum. 

Its sulfate-free cleansers, nourishing conditioners, and styling products help maintain moisture balance while defining curls without weighing them down. The brand focuses on curl-friendly formulations that support healthier, manageable hair even in high-humidity conditions, making it a preferred choice for consumers embracing their natural curls.

4. Cetaphil

Changing weather can make skin more sensitive, making gentle cleansing and hydration essential. Cetaphil is known for its dermatologist-recommended skincare range designed for sensitive and dry skin.

Its gentle cleansers and lightweight moisturizers help remove impurities while maintaining the skin's protective barrier. Non-comedogenic and fragrance-free formulations make the brand suitable for everyday use during the humid monsoon months, especially for those experiencing irritation or frequent breakouts.

5. Streax

The monsoon season can leave hair looking dull, frizzy, and difficult to manage. Streax offers a wide range of haircare products, including serums, shampoos, and conditioners, designed to nourish hair, reduce frizz, and enhance shine during humid weather. Its most popular products include Streax Hair Serum and Heat Protect Spray. 

Infused with conditioning ingredients, Streax's hair serums help smooth flyaways, protect against humidity, and make hair more manageable without leaving it greasy. Its haircare range is suitable for everyday use, making it a popular choice for those looking to maintain soft, healthy-looking hair throughout the rainy season.

Conclusion

Monsoon beauty care is all about choosing products that address the season's unique challenges without overwhelming your skin or hair. Whether you're looking to combat seasonal hair fall, tame frizz, control excess oil, or maintain your skin's moisture balance, investing in the right formulations can make a noticeable difference. From Ayurvedic haircare solutions like Indulekha to hydrating cleansers from Humuss Beauty, curl-focused products from The Curl Co., and dermatologist-backed skincare from Cetaphil and Minimalist, these brands offer effective options to help you maintain healthy skin and hair throughout the rainy season.

FAQs

1. Which skincare products are best to use during the monsoon?

Lightweight, pH-balanced cleansers, non-comedogenic moisturizers, and products containing ingredients like Hyaluronic Acid, Niacinamide, Aloe Vera, and Salicylic Acid are ideal for keeping skin clean, hydrated, and balanced during the monsoon.

2. Why does hair fall increase during the rainy season?

Increased humidity, sweat, scalp buildup, and environmental factors can weaken hair roots, leading to seasonal hair fall. Maintaining a clean scalp and using nourishing haircare products can help minimize hair loss.

3. How can I control frizzy hair during the monsoon?

Use sulfate-free shampoos, hydrating conditioners, leave-in creams, or anti-frizz serums. Curl-specific products, such as those from The Curl Co., can also help define curls and reduce frizz in humid weather.

4. Is it necessary to moisturize the skin during monsoon?

Yes. Despite the humidity, the skin still needs hydration. Lightweight, gel-based, or non-greasy moisturizers help maintain the skin's barrier without making it feel oily or sticky.

5. Which ingredients should I look for in monsoon skincare and haircare products?

For skincare, look for Hyaluronic Acid, Niacinamide, Aloe Vera, Vitamin C, and Salicylic Acid to hydrate, soothe, and control excess oil. For haircare, ingredients such as Bhringraj, Amla, Rosemary, Brahmi, and Aloe Vera help nourish the scalp, strengthen hair, and reduce seasonal hair fall.

Gold has always been an integral part of the cultural and economic system of India. Jewellery is not just an ornament but an emotion passed down through generations, from weddings to wealth preservation. But this traditional link is today challenged by policy changes, global uncertainties and fast-changing consumer behaviour.

The change was highlighted during the fireside chat discussion at the JewelX Conclave 2026 in Mumbai between Ritu Marya, Editor-in-Chief, Retailer Media, and Varghese Alukkas, Managing Director of Jos Alukkas, along with Hari Varrier, Chief General Manager. The discussion was not of the journey of an individual brand but the entire Indian jewellery ecosystem.

From Family Legacy to Organisational Structure 

Jewellery retail in India has been traditionally dominated by family-run businesses based on trust. As Ritu Marya noted, “Jewelry has been a family business always… the minute they buy the jewelry, they stop being a customer and become a custodian.”

Tracing his journey, Varghese Alukkas shared, “We are jewelers who started from 1964… from a single store in Thrissur, and today we are a third-generation business.”

However, the shift from legacy to scale hasn’t been easy. He explained that post 2016 reforms like demonetisation and GST forced the industry to formalise. “From the year 2020… things have changed a lot. People have started following a more organised way; centralised purchasing, standardising processes, and building professional teams.”

This change is indicative of a larger trend in India’s retail industry, where unorganised markets are gradually being replaced by organised, transparent systems.

Learning from Global Markets

Indian jewellers are no longer operating in isolation. Global exposure has influenced how businesses are run.

Alukkas noted, “Internationally, more professionals have been included in the system… and we also had to change based on customer awareness and expectations.”

Hari Varrier added, “As the industry becomes more dynamic, it’s essential to have modern management systems… bringing in professionals across supply chain, finance, and HR.”

This reflects a larger global trend where jewellery retail is becoming more brand-driven, experience-led, and tech-enabled, something Indian players are now rapidly adopting.

The Rise of the Informed Indian Consumer

Perhaps the biggest disruption has come from the consumer side.

“Ten years back, customers were not very aware,” said Alukkas. “Today, they check purity, certification, pricing, everything online before entering the store.”

This shift is reshaping the buying journey. Customers now demand transparency, certifications like BIS hallmarking, and clear buyback policies. As Varrier explained, “Consumers want to see analyser reports… what percentage of gold, what percentage of other metals. Trust is now data-driven.”

This change aligns with India’s digital boom, where smartphone penetration and social media have empowered even tier II and tier III consumers.

Why Modi’s ‘Don’t Buy Gold’ Remark Shocked the Industry

The most interesting point of the discussion was the mention of PM Narendra Modi’s appeal against excessive buying of gold.

Hari Varrier said candidly, “The government actually told consumers don’t buy gold… we lost all our buyers in the process.”

This statement sent shockwaves through the industry because gold imports significantly impact India’s trade deficit. India is one of the world’s largest importers of gold, and rising imports put pressure on foreign exchange reserves.

The intent behind the message was clear: encourage financial diversification and reduce dependency on physical gold. However, for jewellers, it created immediate demand challenges.

Varrier added, “This is the time when the industry needs to change… innovation and creativity are required.”

Shift Towards Old Gold and Exchange Economy

With rising gold prices and policy pressure, consumer behaviour has shifted dramatically.

“Today’s transactions are roughly 80 percent old gold coming in,” Varrier revealed.

Alukkas further explained, “The percentage of old gold exchange has increased from 30 to 35 percent to 65 to 70 percent.”

Instead of buying fresh gold, consumers are now exchanging old jewellery and paying only making charges. This trend reflects economic caution amid volatile gold prices and global uncertainty.

Globally too, similar patterns are emerging. High gold prices, geopolitical tensions, and inflation have pushed consumers towards recycling and resale rather than fresh purchases.

Global Trends Shaping Indian Jewellery

On the global stage, the jewellery industry is undergoing its own transformation. Sustainability, ethical sourcing, and lab-grown diamonds are gaining traction. Consumers are becoming more conscious of where their jewellery comes from and how it is manufactured.

India, being both a major consumer and processor of gold, is influenced by these trends. The discussion highlighted this global shift as part of the focus on certifications, transparency and storytelling in jewellery.

Varrier emphasised, “You can’t just sell diamonds like before… there has to be a story, and the salesforce needs to be trained accordingly.”

The Road Ahead

Despite challenges, the industry is not slowing down; it is evolving.

From a largely informal, family-driven sector, jewellery retail in India is becoming organised, tech-enabled, and consumer-centric. Government policies, emerging buyer behaviour, and global trends are pushing the industry towards transparency and innovation.

As Alukkas summed up, “We have to understand customer requirements and adapt… the business is no longer what it used to be.”

In many ways, the story of India’s jewellery industry today is a story of transition where tradition meets transformation. And as gold continues to shine in Indian households, the way it is bought, sold, and valued is being completely rewritten.

Meesho reported a solid performance for the first quarter of FY27, with growth across key business metrics supported by rising user engagement and operational efficiencies. The company’s Net Merchandise Value (NMV) grew 34 percent year-on-year to Rs 11,614 crore for the quarter ended June 30, 2026.

The growth was driven by an expanding user base and higher shopping frequency among existing customers, indicating deeper engagement on the platform.

User base expands

The company’s Annual Transacting Users (ATUs) rose 29 percent year-on-year to 274 million. At the same time, purchase frequency improved to 10.3 transactions per user annually.

This shows that users are not only joining the platform in larger numbers but are also shopping more frequently.

Orders see steady rise

Placed orders during the quarter increased 29 percent year-on-year to 725 million.

Meesho noted that this translates to more than 90 orders per second, highlighting the scale of its operations.

Revenue growth accelerates

Marketplace revenue from operations grew 48 percent year-on-year to Rs 3,707 crore.

The growth was supported by improved delivery conversion rates, driven by lower cancellations and reduced return-to-origin (RTO) levels, along with better monetisation.

Margins improve

Operational efficiencies helped strengthen margins. Contribution margin expanded to 4.6 percent of NMV, up 54 basis points quarter-on-quarter.

Marketplace adjusted EBITDA improved to (-1.2 percent) of NMV, reflecting continued cost optimisation and better logistics efficiency.

Cash flow improves

Meesho reported progress in its cash flow position, with last twelve months (LTM) free cash flow improving by around 15 percent to (-Rs 537 crore), compared to (-Rs 633 crore) earlier.

This indicates continued improvement in capital efficiency and business fundamentals.

Focus on efficiency and AI

Dhiresh Bansal, Chief Financial Officer at Meesho, said, “Our Q1 performance reflects the strength of Meesho's operating model. We delivered 34 percent year-on-year NMV growth, while Contribution Margin expanded to 4.6 percent, Marketplace Adjusted EBITDA improved to (1.2 percent) of NMV, and Last Twelve Months Free Cash Flow improved by approximately 15 percent.”

He added, “This quarter also marked our strongest Contribution Margin and Marketplace Adjusted EBITDA since listing, despite higher fuel costs and minimum wage increases in certain states, reflecting the structural improvements we've made across our platform.”

Highlighting the role of technology, he said, “AI is becoming foundational across every layer of our business, from product discovery and seller growth to logistics and engineering.”

The company noted that its growing investments in artificial intelligence are helping improve efficiency, reduce costs and enhance the overall user experience, positioning it for sustained long-term growth.

Borrowing habits in India continue to evolve as people balance immediate needs with long-term financial goals. Instead of depending solely on savings, many individuals now use credit in a planned and responsible manner. Personal Loans have become a flexible financing option for a variety of needs, from managing unexpected expenses to funding important life goals. The growth of digital lending has also made borrowing more convenient, with an online Personal Loan application offering a simpler, faster process. In 2026, Personal Loans will support a wide range of financial requirements. Here are six smart ways Indians are using them today.

1. Funding Professional Courses and Skill Development

Many professionals invest in certifications, technical programmes, and specialised training to improve their career prospects. These opportunities often require upfront payments that may not fit comfortably within a monthly budget. Rather than postponing a course, some borrowers take a short-term Personal Loan to cover course fees, examination fees, or professional certification expenses.

Several lending institutions offer loans that borrowers can consider for education-related expenses while preserving savings for other priorities. This allows individuals to continue building skills without delaying career growth opportunities.

2. Managing Medical and Healthcare Expenses

Healthcare expenses remain one of the most common reasons for borrowing. Planned procedures, diagnostic tests, and emergency treatments can create immediate financial pressure. Many families prefer to use a Personal Loan rather than withdraw money earmarked for retirement or other long-term goals. Repaying through fixed monthly instalments can also make budgeting easier.

When evaluating funding options for healthcare needs, borrowers may consider Personal Loans from financial institutions, such as Hero FinCorp, based on their individual requirements and repayment capacity. When used responsibly, a Personal Loan helps families address urgent medical needs without disrupting broader financial plans.

3. Renovating and Upgrading Homes

Home improvements often require significant spending, especially when several projects arise at the same time. Some of the common home-related expenses funded through Personal Loans are:

These improvements can increase comfort and functionality while allowing homeowners to spread costs across affordable monthly repayments. This makes renovation projects easier to plan and complete without placing excessive pressure on household savings.

4. Supporting Small Business and Side Hustle Needs

India's growing entrepreneurial culture has encouraged many individuals to explore side businesses and independent income streams. Some individuals use Personal Loans to support small-scale businesses or side hustle requirements. Common uses include:

For some entrepreneurs, a Personal Loan provides access to funds without creating a lengthy repayment commitment. This flexibility can help individuals act quickly when opportunities arise. It may also support smoother cash flow management during the early stages of a business or side venture.

5. Covering Major Family Expenses

Families regularly encounter planned expenses that require substantial funding. Educational costs, relocation expenses, and household commitments can place pressure on savings. Rather than delaying important decisions, some borrowers use a short-term Personal Loan to meet these obligations in a timely manner. Spreading repayment over several months helps households manage cash flow while continuing to meet routine expenses.

Careful planning remains important, particularly when balancing family needs with existing financial commitments. A well-planned borrowing strategy can help families address important expenses without disrupting long-term financial objectives.

6. Financing Travel and Personal Goals

Travel continues to be a priority for many Indians in 2026. Domestic holidays, international trips, and personal milestones often involve costs that extend beyond regular monthly spending. A Personal Loan can help individuals fund these experiences without waiting years to accumulate the entire amount. When borrowers calculate repayment obligations in advance, travel plans become easier to manage. This approach allows people to pursue meaningful experiences while maintaining control over their finances and protecting funds allocated for other priorities.

Conclusion

Personal Loans are increasingly used for practical, goal-oriented purposes rather than for impulsive spending. Education, healthcare, home improvements, business activities, family commitments, and travel are all legitimate reasons to borrow. The key lies in assessing repayment capacity and borrowing only what is necessary. An online Personal Loan application can offer convenience and faster access to funds, but responsible financial planning remains essential. Careful budgeting and realistic repayment planning can help individuals use Personal Loans effectively while working towards their financial goals. 

The gems and jewelry industry in India is in a defining decade, which will see tradition blending with change, scale blending with elegance, and skill blending with technology.

In a keynote address given at the JewelX Conclave 2026 in Mumbai, the Managing Director of Senco Gold & Diamonds, Suvankar Sen, gave a profound keynote address under the title “Jewellery 2030: Power, Purpose, Progress”. The keynote address was based on five main shifts, namely, formalisation, value-driven consumption, design innovation, omnichannel evolution, and sustainability with transparency.

The industry’s economic significance is already substantial. Being responsible for 7 percent of India’s GDP and generating employment for almost five million people, the gems and jewelry industry continues to be among the key drivers of economic growth in India.

According to the India Brand Equity Foundation (IBEF) report on the Gems and Jewellery sector, the market stood at Rs 7,31,255 crore in January 2026 and is projected to reach Rs 11,18,390 crore by 2030. The same IBEF report highlights that India’s gems and jewellery exports stood at USD 25.93 billion during FY26 from April to February, reflecting strong global demand across key markets such as the US, UK, and the Middle East.

Reflecting on the industry’s journey, Sen noted how consumer behaviour and market structures have evolved significantly over the past two decades. “If you look at the overall evolution of the jewellery industry over the last 15 to 20 years, we have seen how markets have expanded and how consumers in smaller towns developed aspirations to buy branded jewellery,” he said. 

This shift towards organised retail, coupled with rising disposable incomes and changing lifestyles, has reshaped demand beyond traditional wedding-led purchases.

India’s jewellery consumption story today is far more diverse. The emergence of lightweight jewelry, daily wear ranges, and occasion-driven purchases has become prominent due to the increasing number of working women and changing trends in fashion. “It was not only wedding-focused traditional jewellery that was selling. New occasions, new lifestyles, and new consumers have emerged,” Sen added, underlining how socio-economic changes have broadened the category’s appeal.

At the same time, the industry is facing certain issues from a structural perspective. The rising cost of gold and silver has made capital demands high to expand business operations. However, Sen pointed to emerging solutions that could unlock the next phase of growth. “Opening stores today comes with capital challenges, but asset-light models and franchise partnerships are creating new opportunities for expansion into emerging markets,” he explained. This approach is particularly relevant as urbanisation drives demand across tier II, III, and IV cities.

One of the most significant shifts shaping the future is the changing consumer base. Younger audiences, including Gen Z and even Gen Alpha, are expected to drive consumption in the coming decade. “It is the 16-to 22-year-old consumers who will define jewellery demand for the next 10 to 15 years,” Sen said. 

These consumers are digitally native, trend-driven, and value both design and brand purpose, pushing companies to rethink product offerings and engagement strategies.

This evolution is closely associated with the emergence of omnichannel retailing. The discovery journey increasingly begins online, while the final purchase often happens in store. “Consumers today explore brands on social media and digital platforms, but the physical store remains critical for delivering the final experience,” Sen noted.

As a result, the brands are now focused on the seamless integration of digital discovery and physical interaction so that customers have the same experience at every touchpoint.

In turn, technology becomes an integral part of the transformation. Whether it is about design recommendations through AI, inventory management or marketing, all processes are becoming more digital in the jewelry industry. “Adoption of technology has always been key, and going forward, AI will become central to improving efficiency and enhancing customer experience,” Sen highlighted.

Alongside technology, brand building remains a core priority. As competition intensifies, companies have been putting more effort towards the creation of robust brand identity through digital channels and by using innovative marketing techniques. “As brands, we must continuously invest in building trust and aspiration while expanding into newer markets,” Sen stated.

Additionally, the industry has been experiencing high investor interest in the industry, especially in the emerging category of lab-grown diamonds. This has been shown in the IBEF Gems and Jewellery report. The investment and growth in this category have increased. This category has attracted new businesses and established brands as well.

Government policy has further strengthened the industry’s growth trajectory. According to IBEF, measures such as 100 percent FDI under the automatic route, reduced customs duties, and export-friendly trade agreements have created a supportive ecosystem. The India-UK Comprehensive Economic and Trade Agreement (CETA) of July 2026 is likely to increase export volumes through the removal of import tariffs on Indian jewelry exported to the UK market.

India’s position as a global jewellery hub is also reinforced by its strong manufacturing base, comprising around 450 organised players, as noted in the IBEF report. With increasing formalisation and regulatory support, the industry is moving towards greater transparency and professionalism, factors that are critical for building consumer trust both domestically and internationally.

Looking ahead, sustainability and transparency are emerging as key priorities. Consumers are becoming more conscious of sourcing practices, ethical standards, and environmental impact, pushing brands to adopt more responsible practices.

Sen summed up the industry’s future outlook by emphasising the importance of efficiency and capital discipline. “We need to ensure that capital is invested wisely, inventory is optimised, and we respond quickly to what consumers want,” he said.

As India’s gems and jewellery sector moves towards 2030, it stands at the intersection of tradition and transformation. The vision outlined at JewelX Conclave 2026 underscores a clear direction, one where power comes from scale, purpose from trust, and progress from innovation.

As challenges persist in the global beverage alcohol market, India is emerging as one of the strongest growth engines. But what does it take to succeed in a market that is large, diverse, and highly regulated?

According to IWSR Drinks Market Analysis, total beverage alcohol volumes in India grew at a CAGR of 3 percent between 2019 and 2024, with a 6 percent rise in 2024 and an expected 4 percent growth in 2025. This steady momentum is expected to continue over the next decade. While beer leads in volume, whisky dominates consumption, underlining the strength of spirits. At the same time, ready to drink categories are growing faster, driven by younger consumers.

For brands, winning in India goes beyond product. Retail remains the key driver, with strong distribution and premium visibility critical to success. At the same time, brands are building direct consumer connect through digital platforms, content, and experiences, reshaping how spirits are discovered and consumed.

A Market Defined by Complexity and Opportunity

India’s alco-beverage industry is not a single market but a collection of state-driven ecosystems. Each state operates with its own excise rules, pricing structures, and licensing frameworks, making expansion both complex and strategic.

“India's alcoholic beverage industry is highly regulated, with each state having its own excise policies, taxation structures, registration requirements, and distribution frameworks,” said Gautam Malhotra, Director, Oasis Group.

This fragmentation has pushed companies to adopt highly localised strategies.

“I’d say it’s a combination of strong local partnerships, a state-specific compliance strategy, and disciplined execution,” added Rupi Chinoy, Director, South Seas Distilleries.

At the same time, scale remains a priority for established players.

“The addition of Imperial Blue has significantly strengthened our distribution footprint,” noted Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries.

Varun Jain, Founder and CEO, Smoke Lab Vodka (NV Group), “India’s regulatory landscape is highly fragmented, requiring state-specific strategies. Success depends on strong local partnerships, compliance and agile execution.”

Rahul Mehra, Co-founder and CEO, Third Eye Distillery, “India isn’t one market, it’s a collection of state-led markets. Success comes from understanding local realities, not forcing a national playbook.”

Together, these insights highlight a critical truth: succeeding in India requires balancing compliance with expansion while remaining deeply rooted in local market realities.

Retail as the Core Growth Engine

Retail continues to be the backbone of the Indian spirits market, driving both accessibility and brand visibility. From neighbourhood liquor stores to premium outlets and on-trade environments, each format plays a distinct role.

“Retail remains at the heart of our growth strategy,” said Dahanukar.

For premium and craft spirits, discovery often begins with experience rather than visibility.

Mehra said, “Premium spirits are discovered in a glass before a shelf. On-trade builds perception, while retail converts that curiosity into purchase.”

“Premium spirits are increasingly discovered through experience,” added Ankur Sachdeva, Co-founder and CEO, Uppal Brewers and Distillers.

International players echo this approach.

“Retailers are critical partners in building the bourbon category in India,” said Diego Bianchi, Vice President, Global Marketing, Buffalo Trace Distillery.

Jain highlighted, “Each channel plays a distinct role. Premium retail drives discovery, on-trade builds trial and perception, while modern retail improves visibility. A balanced presence is key for growth.”

Retail today is no longer just a point of sale—it is a platform for storytelling, education, and brand building.

Premiumisation Reshaping Consumer Demand

One of the most defining shifts in the Indian spirits market is premiumisation. Consumers are steadily moving from volume-driven consumption to quality-led choices.

“We are seeing a clear shift towards premiumisation, with consumers increasingly opting for quality over quantity,” said Rakshit Jagdale, Managing Director, Amrut Distilleries.

This shift is particularly pronounced among younger consumers.

“Young, urban drinkers today are far more curious and confident in their choices,” noted Sachdeva.

Mehra said, “Consumers today aren’t asking what a product is, but why it matters. Originality and quality matter more than legacy.”

Premiumisation is also expanding beyond metropolitan markets.

“Aspiration today is no longer geographically limited,” added Sachdeva.

Global brands are increasingly aligning with this shift.

“We are seeing a generation of Indian consumers who want to drink better, not just more,” said Bianchi.

Jain said, “Consumers are prioritising quality, authenticity and unique flavour profiles, with a growing shift towards experience-led occasions and experimentation.”

“Consumers today seek authenticity, craftsmanship, and experience. Premiumisation is being driven by a willingness to trade up for quality,” said Dahanukar. 

The result is a strong demand for premium whisky, craft spirits, and differentiated offerings across price points.

Digital Influence in a Restricted D2C Environment

Despite strict regulations on direct-to-consumer sales, digital platforms are playing a growing role in shaping consumer behaviour.

“Digital platforms are becoming increasingly important for consumer discovery and engagement,” said Sachdeva.

However, offline channels continue to dominate actual sales.

“In India, sales are primarily driven through offline channels,” said Chinoy.

Brands are therefore building hybrid strategies that combine physical availability with digital storytelling.

“We see the future as an integrated offline-plus-digital ecosystem,” said Malhotra.

Jain said, “Sales remain largely offline, but digital is now key for discovery, storytelling and engagement. The journey often starts online and ends offline.”

“Dahanukar echoed a similar view, noting, ‘Sales remain largely offline, but digital is becoming critical for discovery, engagement, and influencing consumer choices.’”

Even legacy brands are adapting to this shift.

“A good balance between online and offline channels is maintained,” stated Jagdale.

Mehra said, “Alcohol remains an offline business. Digital drives discovery, but real brand preference is built through physical experiences.”

In India’s regulated environment, digital is less about transactions and more about influence, shaping perceptions long before purchase.

Experience-Led Consumption and Brand Building

With restrictions on traditional advertising, brands are increasingly relying on experiences to build recall and loyalty.

“We engage consumers through digital platforms, retail visibility, and on-ground activations,” said Sachdeva.

Experiential marketing is becoming a key differentiator across categories.

“We are leaning on experiential moments like bartender collaborations and tasting events,” said Bianchi.

Community engagement is also gaining importance.

“We conduct tasting sessions and engage actively with whisky communities,” added Jagdale.

These strategies reflect a broader shift toward relationship-driven engagement.

Jain said, “Brand building today goes beyond marketing. It’s about creating meaningful experiences through culture, collaborations and lifestyle, driven by authenticity and consistency.”

Brands that create memorable experiences are more likely to build long-term loyalty in a restricted communication environment.

Balancing Scale with Craft

As competition intensifies, brands are increasingly focused on balancing scale with authenticity.

“We believe scale and craft are not contradictory,” said Malhotra.

For emerging players, maintaining this balance is critical.

“For us, scale has never come at the cost of craftsmanship,” added Sachdeva.

Even legacy players are taking a measured approach to expansion.

“We have always been careful about how we scale,” said Jagdale.

Jain said, “Scaling without compromising product integrity is critical. Long-term differentiation will come from quality, innovation and a strong brand narrative.”

This disciplined approach is helping brands stand out in a crowded and evolving market.

Category Insights: Whisky Leads, Craft Gains Momentum

Whisky continues to dominate the Indian spirits landscape, both in volume and value. From mass-market offerings to premium single malts, the category remains the backbone of the industry.

Amrut Distilleries, for instance, has built a strong global reputation with its single malts, exporting to over 50 countries.

Similarly, Uppal Brewers and Distillers is strengthening its presence in the premium whisky segment, while South Seas Distilleries is focusing on craft-led offerings.

Oasis Group continues to operate across both mass and premium segments, highlighting the diversity of the Indian market.

These examples underline how the industry is evolving across price points and consumer segments, from mass to super-premium.

Pricing and Market Segmentation

The Indian spirits market is highly segmented, catering to a wide spectrum of consumers.

At the entry level, products priced below Rs 600 continue to drive volumes. Meanwhile, the Rs 1,000–Rs 3,000 range is emerging as a strong premium segment, particularly among urban consumers.

“The strongest growth continues to be witnessed in the whisky category,” noted Jagdale.

At the same time, super-premium and luxury segments are gaining visibility through experiential retail and on-trade channels.

This layered pricing structure allows brands to target multiple cohorts while building long-term loyalty.

Expansion and Future Growth Strategies

Looking ahead, most companies are focused on a combination of geographic expansion, premiumisation, and global outreach.

“We are targeting expansion into new states while introducing premium products,” said Sachdeva.

Exports are also becoming a key focus area.

“Our next growth priorities include expanding into new markets and strengthening exports,” added Chinoy.

For established players, international markets present strong opportunities.

“We are focusing on expanding our presence across global regions,” said Malhotra.

Even global entrants are taking a measured approach.

“Our strategy is centred on sustainable growth rather than rapid expansion,” noted Bianchi.

Jain said, “We are focused on expanding across key domestic and global markets while strengthening our premium portfolio and building consumer connections through collaborations.”

Mehra said, “Growth for us is about building brands that scale across India and globally, without losing their identity.”

Investor Perspective

“The clearest trend right now is that consumers are drinking more thoughtfully. Volumes aren’t rising sharply, but people are consistently choosing better quality over quantity—and that shift toward premium products is what’s really catching investor attention, as it brings stronger margins,” said Ankur Mittal, Co-founder, Inflection Point Ventures.

“India isn’t one national market but a collection of state-level markets. So scalability depends on whether a brand can grow beyond a single favourable region. At the same time, premiumisation must be earned through craftsmanship, quality, and storytelling, while regulatory complexity remains a fundamental cost that businesses must build for from day one,” he added.

“India’s economic growth is fuelling a strong shift toward premium lifestyle choices, with digital discovery and evolving consumer behaviour accelerating interest in the alco-beverage space,” said Rathnakar Samavedam, Investment Director and Managing Partner, Hyderabad Angels Fund.

“However, success depends on navigating complex state regulations and managing long receivable cycles, where working capital discipline is critical. We are particularly bullish on premium craft spirits, as consumers are willing to pay for authentic, heritage-led brands that offer stronger unit economics and resilience in a regulated market,” he noted.

The Road Ahead

India’s spirits market is at a pivotal moment. Strong demand fundamentals, rising premiumisation, and evolving consumer behaviour are creating new opportunities across categories.

At the same time, regulatory complexity, fragmented distribution, and limited direct consumer access continue to shape how brands operate.

What is emerging is a hybrid model where retail drives scale, digital builds awareness, and experiences create loyalty.

As Bianchi puts it, “India is not only growing in scale, but also in the way consumers are engaging with premium spirits.”

For brands, success in India will depend on navigating the balance between scale and storytelling, regulation and innovation, and tradition and modernity.