India emerges as highly attractive market for global luxury brands


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • A recent report by Euromonitor suggests that India presents a lucrative opportunity for luxury brands to expand their presence and tap into a high net-worth customer base.
  • The country’s strong economic growth and the rapid rise in the number of millionaires have made it an attractive destination for international high net-worth individuals (HNWIs).
  • The report predicts that India’s luxury market will reach approximately $5bn by 2026.

A recent report by Euromonitor suggests that India’s growing economy is reflected in the personal luxury market and estimates that the luxury market will expand by almost 12% annually from 2022 to 2026, reaching nearly $5bn.

The report also indicates that luxury brands such as Gucci, Cartier and Louis Vuitton have set their sights on Indian shopping malls and aim to stock collector’s items that appeal to HNWIs both from India and overseas.

According to real estate consultants Knight Frank, India is projected to have 1.4 million millionaires by 2026. This influx of HNWIs is a direct result of India’s attention to luxury living, high-end retail and good education systems.

Indian billionaire and businessman Mukesh Ambani has produced a new luxury shopping mall in Mumbai that caters specifically to the wealthy population, with leases for shops such as Gucci and Cartier being prepared for sign-offs.

Another Indian billionaire company, Reliance Industries, is set to open the Jio World Plaza later this year, according to the Euromonitor report, with a reported location of Mumbai’s business district.

The report notes that luxury brands such as Burberry, Kering, LVMH and Richemont will feature in the Jio World Plaza, with all brands suggesting that their stores will be home to classic designs and collector’s items.

HNWIs wishing to purchase luxury products such as classic designs and collectable clothing should use a safe money transfer method when making payments.

According to Anuj Kejriwal, CEO of India’s Anarock Retail, luxury brands in India have faced challenges in finding quality retail spaces in the past, often resorting to opening their first outlets in luxury hotels to target international HNWIs.

Kejriwal noted that as India’s international millionaire population has grown, brands are now actively seeking a static presence in the Indian luxury market.

These brands include fashion houses Louis Vuitton, Cartier, Bulgari, Dior and Gucci, luxury luggage maker Rimowa and watch brand IWC Schaffhausen.

International HNWIs in India interested in purchasing luxury products from global brands should use safe international money transfer options to complete their purchases.

Wealthy individuals looking to travel to India to experience its luxury consumer market can use our online money transfer comparison tool to find the best exchange rates available.

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