Decoding India's Luxury Retail Spaces

India’s luxury retail sector is undergoing a dynamic change with more and more international brands eyeing it as a potential market for their overall growth performance. Here's how the malls are faring.

- Sanchita Nambiar

India's luxury retail market is constantly booming and as Rajendra Kalkar, president, West, The Phoenix Mills puts it, “this market attracts a fair bit of attention because of the significant number of Indian billionaires in the list of high net-worth individuals (HNIs) and because of the new brands that look to enter this market.”

Globally, renowned luxury labels have realised that India, although challenging, is a diverse and viable market that will contribute towards their respective brands' overall growth trajectory. Dinaz Madhukar, executive vice president, DLF luxury, retail and hospitality says, “I have seen so much of interest for India right now. Earlier, while calling up brands, I had to introduce them to India, then introduce Delhi and then introduce DLF as a brand. However, now, everybody is aware. You call up brands and they are aware of DLF Emporio and

The Chanakya. They know of India and its potential growth in the future. Everybody says they are ready to explore India as a market.”

Also, the growth in India’s retail segment is fuelled by well-travelled consumers, millennials and business travellers who wish to explore more refined and varied options.

GOING BEYOND “JUST” SHOPPING