Alexis de Ducla, director of Mathieu Lustrerie, believes that India has the potential to produce the next global luxury brand within the next five years. He attributes this to India's rich heritage of artisanship and art, which has been complemented by recent investments and vision.
The Indian luxury market has witnessed significant growth in recent decades, with Bain & Company projecting it to reach $200 billion by 2030. Indian consumers are increasingly seeking quality and authenticity in their luxury purchases, rather than relying solely on established international brands.
During the pandemic, corporate houses such as Reliance Retail and Aditya Birla Fashion and Retail invested in Indian luxury designers, providing them with financial support and structure. This has enabled designers like Sabyasachi and Manish Malhotra to expand globally.
Abheek Singhi of Boston Consulting Group emphasizes the aspirational nature of the Indian economy, which will continue to drive growth in the luxury sector. He believes that India's skilled craftsmanship can become a competitive advantage for its luxury industry.
Global luxury brands are also recognizing the potential of the Indian market. Dior's recent showcase of its Fall 2023 collection in Mumbai highlights their interest in collaborating with Indian artisans.
Nikhil Sethi of KPMG India stresses the importance of making luxury products accessible to consumers in their daily lives. He also suggests maintaining premium price points to enhance the global presence of Indian luxury brands.
The Indian hospitality industry has a long-standing reputation for luxury. Kapil Chopra of Postcard Hotels notes that India has consistently been recognized for its exceptional hotels, showcasing the country's ability to deliver world-class luxury experiences.