In the near future, India could replace China in the luxury sector. The country has a historic place in the heart of the industry. It has a growing number of young and wealthy customers who are attracted by luxury brands.
The luxury Eldorado
India is the new market to watch. Indeed, luxury consumers represent a combined market of approximately $1 billion. These figures indicate an economic growth that could in a few years surpass the most competitive market in the world: China.
At the gateway to India from Bombay
The fashion house Christian Dior, unveils during its fall-winter 2023 show, a collection in the respect of the Indian ancestral crafts. Maria Grazia Chiuri proposes dresses embroidered with sequins, immaculate dresses-chasubles and huge shirts, with the intention of not showing “cultural appropriation”.
In comparison, the Hermès brand has been working quickly on its positioning with Indian artisans. Certainly, since 2007, the house has been in collaboration with the Khanna family who owns the Oberoi chain.
Competitors have been closely following the strategy of setting up the Hermes store in the Taj Mahal district. A western brand must adopt a unique strategy adapted to the Indian specificities. Made for India” is a key element of success.
For example, the holistic experience offered to the Indian customer is characterized by notions of Indianness. Houses like Louis Vuitton have done product placements in Bollywood movies to reach new consumers. Luxury in India is also highly coveted by royal dynasties. Indeed, Cartier has created an elegance contest bringing back to life the royal courts and their glitter.
Ultimately, French brands must fully integrate Indian culture with their French origins without neglecting their own culture. The luxury market in India is attracting the desire of major brands, but is not similar to the Chinese model. It is still growing and is far from having reached maturity. A case to follow.
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