India calls for class and panache

Since Bagwati, ladies' handbag brand, made it to Indian silver screen, consumers in India have warmed up to global luxury brands for some time now.
Luxury retail market

Since Bagwati, ladies’ handbag brand, made it to Indian silver screen, consumers in India have warmed up to global luxury brands for some time now. 

The trend or urge to have the best out of available options is such that one cannot segregate luxury from retail, both eCommerce and the modern. 

Walking on Jimmy Choos and carrying a Fendi is the 'New India' that has taken on the luxury retail market in India. Although India's share of the global luxury market is a paltry 1 to 2 per cent, luxury retails - both national and international - are in a hurry to set up shops in the country.

Growth in disposable income and the ability to spend has lead to a picture where right from Hermes, Louis Vuitton, Gucci to the customised and exclusive products, retailers have it all in their kitty to woo those in the top echelon. Given that established brands are setting the milestones, the competition is stiffening by entry of newer luxury brands.

Indian luxury market riding high

A study by ASSOCHAM and YES Bank depicts, in spite of the economic slowdown, the Indian luxury market is pitted to grow at 25 per cent till 2015 and is expected to touch $15 billion. Further, this niche market in India is on a growth trajectory while surpassing those markets of China, Malaysia and Indonesia, suggests a report from Euromonitor International.

Indians have an appetite for luxury

Commenting on the apetite for luxury, Saurabh Gadgil, Director, PN Gadgil Jewellers said, “The consumer has become more demanding and experimental about the designs and is willing to pay a price for good designs and finish. Roughly 40 per cent of our jewellery is customised catering to the luxury segment, while remaining is over-the-shelf.”

Adding to the expanding base of the class audiences, Sanjeev Aggarwal, CEO, Gitanjali Exports said, “The organised players are growing at a much faster pace which shows that the customer prefers branded jewellery and is willing to pay premium price for that.”

Besides, the number of the uber rich is rising rapidly in India—with many now coming from tier-2 and -3 cities—with enormous spending power and the desire to rub shoulders with the wealthiest.

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