'Luxury market in India on an inflection point'

How the luxury market in India is showing strong signs of growth, attracting interest from global brands and retailers and promoting collaborations

- VAISHALI DAR

THESE ARE EXCITING times for the luxury market in India. Fuelled by population growth and increasing urbanisation, the industry has returned to its pre-Covid performance levels, and is expected to experience strong growth to reach $ 3.7 billion by 2026, as per a recent luxury industry outlook presented by global consulting firm Boston Consulting Group (BCG).

The sentiment was echoed by Benedicte Epinay, president and CEO of Comite Colbert, the official luxury association of France, at a luxury symposium organised by the Indo-French Chamber of Commerce and Industry (IFCCI) in the national capital recently.

According to Epinay, the luxury industry is booming, especially in China and the United States-the top two markets for the luxury industry globally. But there is a strong demand in India as well.

"India has all the ingredients to be a successful luxury market history, roots and know-how of the crafts, the right people to buy, making it a strong and growing market, and from the Western perspective, it is an interesting market to promote collaborations. It's also interesting to see the appetite from the Indian consumers for our brands. These are good signals for the future of the luxury market in India," she says.

Unfortunately, Epinay feels it will take years to come to the level of what China is now. "If we talk about China, it has over 1 billion people, but there are many Gen Zs who can afford luxury goods. And I don't think that's the case in India as of now," adds Epinay, who confirmed fashion has always been the best category with the leather, bags and shoes segment performing well globally.