NEW DELHI (ANN/STATESMAN) – In recent years, the market for luxury apparel in India has seen a significant uptick.
Luxury brands, known for their exclusivity and superior quality, appeal to individuals with substantial disposable incomes who seek high-end clothing.
This growing affinity for luxury fashion is fuelled by the presence of international luxury retailers like Louis Vuitton, Chanel, and Gucci, alongside homegrown brands such as Sabyasachi, Tarun Tahiliani, and Ritu Kumar.
Industry’s expansion
Indian luxury fashion has swiftly become a multibillion-dollar industry. The increasing number of affluent individuals in the country is driving this demand for luxury goods. While these brands are especially popular in major cities, wealthy consumers from smaller urban centres also play a significant role in their success. The digital realm has further broadened their reach, offering customised services and tailored experiences to cater to the specific preferences of Indian shoppers.
Focus on wedding market
Luxury fashion brands in India have strategically targeted the lucrative Indian wedding market. The propensity of affluent Indians to splurge on weddings has created a substantial demand for customised and exclusive attire. India’s rich craftsmanship and cost-effective production, coupled with its strategic location, make it an appealing destination for these brands.
Challenges and counterfeit concerns
Despite the thriving market, the luxury apparel industry in India encounters several challenges. The prevalence of counterfeit luxury goods at lower prices poses a threat to brand integrity. Additionally, luxury brands find their customer base to be fragmented, with Indian consumers generally displaying price sensitivity. Some affluent Indians prefer shopping overseas, exacerbating the disconnect luxury brands face in the local market. Moreover, the perception of luxury remains heavily influenced by Western standards, often leading to a preference for international brands over homegrown ones. This is paradoxical, given that Indian designers like Gaurav Gupta enjoy recognition and patronage from international celebrities.
