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India is the only big economy that is universally expected to grow at a fast clip now, and, therefore, a slew of foreign luxury brands are stepping into the country during the festive season to take advantage of the projected spurt in consumer spending.
The developed western markets are sluggish or in downright recession, while the Chinese economy is showing signs of trouble after years of uninterrupted growth. India is the only big economy that is universally expected to grow at a fast clip now, and, therefore, a slew of foreign luxury brands are stepping into the country during the festive season to take advantage of the projected spurt in consumer spending. The Economic Times has reported that more than a dozen of luxury brands are entering the country to take advantage of the expanding income of a vast section of the middle class and higher discretionary and aggressive spending by the young and upwardly mobile evident not only the metros but also the smaller towns and cities.
The brands that are lined up for entry into India include Laderach, a Swiss luxe chocolate maker, Galeries Lafayette, which is a French upscale luxury goods retailer, Spanish fashion house Balenciaga SA and Keune, a Dutch luxe salon. TimeVallee, a luxury Swiss multi-brand watch and jewellery retailer is also planning to enter India. US-based luxe jewellery and speciality design house Tiffany and Pottery Barn, another US-based home furnishing store chain are also on the list.
“There is absolutely no question about the potential of the Indian market with upscale and luxurious brand experiences. We are very confident of the Indian market, the big cities and the consumers here,” said Elias Laderach, chief creative officer and executive board member of Laderach that has the distinction of being the largest chocolate retailer in Switzerland.
The Swiss chocolate brand has set up shop in the upscale DLF Emporio in the nation’s capital last week. Galeries Lafayette has tied up with Aditya Birla Group, while the Spanish brand is planning stores in association with Reliance Brands.
Interestingly, the luxe market is relatively immune to inflation as experience in India over the past several months have demonstrated. While demand was faltering at the base end of a lot of goods from shoes to fashion, accessories to apartments, the demand at the premium end of these product categories did not slack, retailers and marketers have said.
According to Bain & Co, the Indian luxury market is estimated to grow to $200 bn by 2030.