India's luxury market is on the cusp of a significant transformation, says a recent report by Barclays. While it currently contributes only around 2 per cent to global luxury sales (as of May 2024), the market is projected to grow at a compound annual growth rate (CAGR) of 15-25 per cent in the next seven years, reaching €23 billion to €38 billion. This optimistic outlook is getting a boost due to several key factors.
Growth drivers, a perfect storm
Several factors are propelling India's luxury market. Top most is a thriving middle class that is expanding rapidly, with a growing number of millionaires, who present a significant consumer base with an appetite for luxury goods. Major cities like Mumbai, Delhi, and Bengaluru are at the forefront of this trend, housing 90 per cent of the nation's luxury retail infrastructure. Moreover, India's robust economic growth, projected at 7-8 per cent in the coming years, translates into increased purchasing power. A growing aspirational middle class with a taste for finer things is also driving demand for luxury products.
China vs. India, a tale of two titans
While India's growth is promising, it's important to compare it to China, the current king of luxury consumption. In terms of market share, China currently holds 35 per cent share of the global luxury market, dwarfing India's 2 per cent. China also boasts of a much larger affluent population compared to India. China's luxury market is more mature, with a well-established infrastructure and a strong brand presence. There are crucial distinctions to consider. Unlike China, India has a vast income disparity. This, along with limited retail space compared to its massive population, creates challenges for widespread luxury adoption.
However, Barclays' report also highlights a changing consumer behavior towards luxury goods in India. There's a growing emphasis on experience and heritage, alongside the traditional focus on brand names. This is evident in the growing interest for vintage and repurposed jewelry, reflecting a sense of nostalgia.
Meanwhile, international luxury brands are keenly aware of India's potential. Many are already establishing a strong presence in the country, recognizing the vast opportunities it presents. However, they must adapt their strategies to cater to the unique preferences and cultural nuances of the Indian consumer. As Manoj Kumar, Managing Director and CEO of Aditya Birla Fashion and Retail Limited (ABFRL), which partnered luxury designer Tarun Tahiliani, explains, "The Indian luxury market is witnessing strong growth, and there is a growing demand for designer wear.” This sentiment is echoed by other global brands entering or expanding their presence in India.
While India might not replicate China's dominance in the luxury sector overnight, its growth story is undeniable. With a booming economy, a growing middle class, and evolving consumer preferences, India's luxury market is poised for significant expansion in the coming years. However, brands must be mindful of the existing challenges and tailor their approach to resonate with the discerning Indian consumer.
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Esteemed women's luxury apparel and evening wear brand hailing from the US, Mac Duggal has forayed into the Indian market with the unveiling of its exquisite Spring Summer 2024 collection.
In a strategic move, Mac Duggal has forged partnerships with esteemed multi-brand outlets such as Aza, The White Crow, and Ogaan, aligning itself with the discerning tastes of Indian fashion aficionados.
Duggal emphasises, the Spring Summer '24 collection epitomises couture craftsmanship, offering an eclectic ensemble that celebrates diversity and inclusivity. With flattering silhouettes designed to cater to every body type and age group, the brand aims to empower women to embrace their individuality with confidence and grace.
Established in 1984 amidst the dynamic landscape of Chicago, Mac Duggal has solidified its presence across more than 50 countries, cementing its reputation as a trailblazer in the realm of luxury fashion. With this foray into India, the brand seeks to captivate the discerning tastes of the Indian clientele, while staying true to its ethos of timeless elegance and sophistication.
Having achieved a gross merchandise value (GMV) of Rs 400 crore, direct-to-consumer(D2C) brand Snitch aims to increase this to Rs 600 crore by end of the fiscal year 2024.
Snitch’s Q-o-Q revenues grew by 35 per cent over the last two years. The brand’s quarterly sales and revenues grew by around 40 per cent during this period fuelled by its offline initiative initiatives. The brand generates most of its revenues form the men’s apparel segments which contributes to around to around 80 per cent of its total operating revenue.
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Siddharth Dungarwal, Founder, attributes this remarkable achievement to the unwavering trust of their esteemed clientele and the tireless efforts of their dedicated team. He emphasises on Snitch's commitment to innovation, staying ahead of fashion trends, and delivering superior style at affordable prices.
In a recent milestone, Snitch secured Rs 110 crore in a series A funding round, earmarking these funds for an expansive retail footprint.
With a blend of customer trust, team dedication, and financial backing, Snitch appears poised to continue its upward trajectory in the realm of men's fashion.
21 October 2023, Mumbai
Good Glamm Group's Brand Aims to Empower Individuals to Embrace Their Natural Beauty While Making Conscious Choices for the Planet
Organic Harvest, a division of the Good Glamm Group, has launched a new makeup range made of certified organic ingredients. The brand has also launched a digital video campaign featuring the famous actor Nimrat Kaur to promote this new line.
Highlights
Its aim at Organic Harvest is to help people celebrate their natural beauty while also making mindful choices for the planet’s well-being.
The new makeup range includes a variety of products, including matte lipsticks, matte liquid lipsticks, BB cream, matte compact, kohl, and liquid eyeliner. All of the products are made with certified organic ingredients, which are grown without the use of harmful pesticides and herbicides.
The brand is hoping that its new makeup range will appeal to consumers who are looking for clean and sustainable beauty products. The brand is also targeting consumers who are looking for products that will enhance their natural beauty.
Raghavendra Rathore Jodhpur (RRJ) is launching its Spring Summer 2024 collection at a Bespoke Preview on April 19th and 20th at the Ritz Carlton Pune.
This new collection blends heritage and modern design, with a focus on timeless elegance and versatility. It features classic Indo-Western pieces like Jodhpuri Bandhgalas, waistcoats, kurtas, and achkans, all crafted with a fresh, contemporary twist. The collection caters to the discerning modern client who values personal style over fleeting trends.
Each piece is designed for various occasions and destinations, ensuring both ease and adaptability. The bespoke offerings extend to handcrafted accessories like buttons, cufflinks, and pocket squares, allowing for personalized touches.
The Spring Summer 2024 collection stays true to RRJ's DNA, featuring sharp cuts and meticulous textures that elevate traditional elements. These garments are more than just clothing; they are personal statements that exude effortless grace.
Da Milano has unveiled its highly anticipated Spring Summer 2024 collection, an embodiment of refined taste and sophistication that beckons individuals to embrace their true essence through effortless styling. Each piece of the collection weaves a narrative of timeless craftsmanship intertwined with contemporary allure, offering a glimpse into a world where luxury knows no bounds.
At the heart of the collection lie the Scalloping Bags, coveted essentials that exude grace and charm, tailored for fashion aficionados with discerning tastes. The DM Monogram Collection adds an exclusive touch, embracing both men and women in a realm of sartorial elegance, while the Geometric Patterned collection caters to connoisseurs of refined aesthetics.
For the modern-day career woman, the Day-N-Night Collection stands as a testament to versatility, seamlessly transitioning from the fast-paced boardroom to the chic ambiance of cocktail evenings with effortless grace.
Venturing beyond the confines of accessories, Da Milano introduces a diverse range of trolleys and luggage, marrying style with functionality for avid travelers. From the exquisite textures of Signato to the timeless allure of Croco, the collection offers a plethora of options for individuals with a penchant for luxury.
Small Leather Goods take center stage, each piece a testament to intricate design and meticulous craftsmanship. From mobile covers to jewelry cases, Da Milano presents a symphony of textured leather options, inviting patrons to indulge in a world of opulence.
The color palette of the collection boasts captivating shades like Petrol Green, Tomato, Chocolate, Taupe, and Cognac. Paying homage to its distinctive hues, Da Milano unveils Octane, Ocean, Orchid, Chalk, Ivory Blush, and Honey, each a testament to the brand's enduring legacy of sophistication and charm.
Sahil Malik, Managing Director, Da Milano, remarks, the Spring Summer 2024 collection is a seamless fusion of classic artistry and modern aesthetics. The brand has meticulously crafted a world where tradition meets innovation, inviting individuals to embrace their unique identity through effortless styling.
17 October 2023, Mumbai
CMAI Achievers Club features winning strategies of D2C brands for 300% growth.
Indian D2C brands succeed by being customer-oriented, expert, and strategic. They optimize their supply chains, e-commerce, and customer experience.
They also manage product quality and returns well. To compete with big brands, they focus on quality and market segmentation. Social media is key for engaging customers and telling stories. But D2C is not the only way to win.
Other options like retail or partnerships can also work
Discounts can help, but creating valuable content and having a long-term vision are more important. Brands need to understand how discounts work in marketplaces. Hero products are vital for marketplaces, while D2C websites can mix them with new arrivals.
Entrepreneurs can use easy platforms to build their online presence. A brand is more than a name; it is a story and an experience.
Marketing and branding are linked, but marketing covers pricing, distribution, and advertising, while branding creates a unique identity and loyalty. A brand name matters because of the effort behind it.
In a bold stride redefining festive fashion, Apparel Group's homegrown brand, R&B has launched its exclusive 'Festive Collection' across 109 stores in the GCC region. This launch signifies a pivotal moment in the fashion landscape, seamlessly blending traditional grace, modesty, and contemporary flair to cater to women, men, and children alike.
Epitomising the spirit of Ramadan, the R&B Festive Collection embodies its values through meticulously crafted fashion pieces catering to the entire family. The collection's refined, modest designs, graceful flowing silhouettes and intricate detailing exude the beauty of the season. Men's fashion takes a stride forward with textured shirts seamlessly merging comfort and style, ensuring an impeccable look for every festive occasion. Simultaneously, the children's line showcases adorable designs brimming with personality, capturing both charm and style.
This collection serves as a testament to R&B's innovation in fashion, offering a diverse array of styles ensuring customers are impeccably dressed for every festive moment. From dazzling accessories to trendy footwear, the Festive Collection provides the perfect finishing touches to any ensemble, reaffirming R&B's commitment to delivering comprehensive fashion solutions.
Neeraj Teckchandani, CEO, says, the collection represents a stride forward in the brand’s journey to surpass customers’ expectations, ensuring each of them discovers something resonating with their personal style and the festive spirit.
The Festive Collection is currently available in stores and online at www.randbfashion.com.
06 November 2023, Mumbai
As per the latest ETRetail report l
India's economy, one of the world's fastest-growing, is booming with consumer spending during the festive season.
People are splashing out on cars, phones, and TVs, buoying growth. Online platforms like Amazon and Flipkart saw sales rise almost 20% in the first week of festive sales compared to last year.
Digital transactions via the Unified Payments Interface also jumped about 40% in October compared to the same month last year.
10 October 2023, Mumbai
The ET Soonicorns Summit 2023 is a platform to track the dynamic growth of the startup-tech sector and to nurture a strong entrepreneurial culture that will inspire the creation of future-oriented businesses in India. The summit will feature prominent leaders from India's startup ecosystem who will share their insights on various topics, such as:
How to boost India's tech capabilities to achieve the India@100 vision
How to assess financial readiness and key trends for startup IPOs
How to leverage AI and digital currency in India's fintech sector
How to support the rise of cleantech and electric vehicle startups
The summit is expected to attract a diverse audience of entrepreneurs, investors, policymakers, and other stakeholders who are passionate about the growth of India's startup-tech sector. It will provide a platform for networking, learning, and sharing ideas.
Key themes:
Boosting India's tech capabilities
Startup IPOs
Fintech and digital currency
Cleantech and electric vehicles
Target audience: Entrepreneurs, investors, policymakers, and other stakeholders who are passionate about the growth of India's startup-tech sector.
Renowned global apparel retailer under Fast Retailing Co, Uniqlo has unveiled its much-anticipated spring/summer 2024 campaign tailored specifically for the Indian market. Dubbed 'Summers are for Linen', the campaign features the popular actor Katrina Kaif.
In this campaign, Kaif will endorse Uniqlo's linen collection, showcasing an array of breathable and lightweight garments including shirts, cotton tapered pants, jumpsuits, and more.
Kaif states, in scorching summers, it's essential to opt for fabrics that are both breathable and lightweight. Uniqlo's linen collection ensures comfort and coolness throughout the day. The collection is also versatile and offers timeless style suitable for any occasion – whether it's work or leisure."
Nidhi Rastogi, Marketing Director, Uniqlo India, adds, complemented by Katrina's timeless charm and elegance, the versatility of the linen collection is expected to strike a chord with the company’s diverse customer base.
The campaign rollout will encompass various media channels, spanning print, digital, outdoor advertising, and in-store promotional materials, ensuring widespread visibility and engagement among consumers.
As per the latest ETRetail report l
India's economy, one of the world's fastest-growing, is booming with consumer spending during the festive season.
People are splashing out on cars, phones, and TVs, buoying growth. Online platforms like Amazon and Flipkart saw sales rise almost 20% in the first week of festive sales compared to last year.
Digital transactions via the Unified Payments Interface also jumped about 40% in October compared to the same month last year.
Fashion enthusiasts in Hyderabad have reason to celebrate as Rare and Basics (R&B), the chic fashion brand under the Apparel Group umbrella, has just unveiled its latest store at Ashoka One Mall in Kukatpally. This marks the 13th retail outlet for R&B in India and the fourth in Hyderabad.
Apparel Group, the global fashion and lifestyle retail conglomerate headquartered in Dubai, introduced R&B to the world in October 2012 with the launch of its first store in Oman. With a presence in seven countries, including India, Oman, UAE, Qatar, Bahrain, Kuwait, and Saudi Arabia, the brand continues to capture hearts across the globe.
In India, R&B has already established itself in key cities such as Kozhikode, Kochi, Ahmedabad, Bengaluru, Mangalore, Mysore, and now Hyderabad. With a portfolio of over 80 brands, including renowned names like Aldo, Tommy Hilfiger, Victoria’s Secret, and more, Apparel Group is making waves in the Indian fashion scene. Hyderabad's fashion scene just got a stylish upgrade with the arrival of R&B's latest store.