Growth of Luxury Fashion Apparel In India

India is one of the countries which is embracing luxury at its best. An increasing number of the people in this creamy layer is one such reason. Luxury is a constantly evolving and subjective concept, and not easy to define. Brand is a powerful tool to attract more consumers to buy particular products. Some may even regarded it as equity as it can add values to the products. Luxury Fashion is a billion-dollar industry employing millions of people around the world. Ever since the economy became more global, consumers have to a large extent been affected by this fast evolving industry.

- Dinaz Madhukar

India’s luxury market has seen tremendous growth in the last few years. The market has been maturing at a steady pace with a change in the customer profile through the years. In 2012, India was the fastest growing luxury market in the Asia-Pacific region, brisker than even China and saw an almost 30 percent increase in 2013. The Indian Luxury market is expected to be worth $18 billion by 2017.

Luxury and fashion have grown beyond cosmopolitan cities such as Delhi and Mumbai to cities like Ludhiana, Ahmedabad, Chennai and Hyderabad. Fashion Retail Businesses are targeting these fashion conscious consumers including HNI’s and aspiring sections of society that include young executives and entrepreneurs. The new luxury consumer is younger, better informed and more global. With the emergence of a new class of affluent young Indians with great purchasing power, India is now a lucrative market to invest in for Luxury brands. A large portion of these young consumers want to define their own rules and are open to experimenting.