Renowned designer Manish Malhotra presented his exclusive collection 'Banaras,' at the fashion show titled, ‘Banaras-A Tapestry of Indian Culture and Culture. The fashion show was held as a part of the ‘Prayas Dharohar Kashi Ki’ event by the Indian Minorities Foundation at the Namo Ghat in Varanasi, India.

The primary objective of this event was to promote and preserve the traditional Banarasi handloom craft while expanding its global reach. Set against the serene backdrop of the Ganges at Namo Ghat, this unique event held emotional significance as it marked the first-ever fashion show at this iconic location, thereby supporting the Bunkar community and skilled artisans of Varanasi. It was a celebration of blending traditional Indian craftsmanship with contemporary aesthetics.

The runway was graced by Bollywood stars Ranveer Singh and Kriti Sanon, elegantly adorned in Banarasi traditional attire crafted by Manish Malhotra. Kriti Sanon, resplendent in regal Indian red silk, epitomised the finesse of India's weaving tradition, while Ranveer Singh exuded charisma in a vintage purple Banarasi shikargah sherwani, paired with a silk kurta and dhoti. A total of 40 models showcased the distinctive Banarasi handloom collection, meticulously curated by Malhotra.

The ambiance of the show was elevated as models walked barefoot, their styling intricately weaving cultural identity through the adornment of mogras and bindis. The event saw attendance from diplomats, ambassadors, renowned fashion designers, Bollywood celebrities, and dignitaries, further emphasizing its significance.

Malhotra's dedication to support the skilled Bunkar community of Varanasi reflects his commitment to conserving the heritage of handloom and promoting sustainable fashion globally. During the event, 40 bunkars, including 2 Padma Shri awardees, were honored for their exceptional contributions to promoting and preserving Varanasi's rich craft.

Malhotra also unveiled his forthcoming endeavor: an exclusive collection curated to showcase Banarasi handloom at his Delhi Flagship Store, furthering his commitment to the cause. The event aligned with campaigns like #VikasBhiVirasatBhi and #KashiSangam, aiming to develop and preserve India's cultural legacy.

India’s luxury market is projected to be worth$90 billion by 2030, a staggering 3.5 times its current size, says a report by Bain & Co, a consulting major. Covering a range of products from personal luxury goods to home decor, the luxury goods market in India is poised for remarkable growth. And within this landscape, personal luxury goods alone constitute a $4 billion market.

Key findings
The study states, Indian luxury market is experiencing a boom, driven by a growing number of ultra-high net worth individuals (UHNWI) and a rising middle class. The market is expected to reach $85-90 billion by 2030, making it the world's fastest-growing luxury market.
There is a significant evolution in India's luxury market, marked by a surge in HNIs and UHNWIs. Notably, there is now a shift, with consumers, who once sought luxury abroad, turning their attention to India," says Anurag Mathur, partner at Bain & Co.

E-commerce is playing a big role in the luxury market, making it more accessible to consumers across India. One major catalyst for growth are consumers who are increasingly looking for experiences and meaningful stories behind luxury products. There is a growing demand for luxury cars, homes, and jewellery with both established and emerging brands vying for a piece of the pie. In fact, in 2023, luxury car sales witnessed a record high of 42,731 units, a 20 per cent year-on-year increase. What’s more, as per real estate consultancy JLL India reports a 51 per cent growth in sales of luxury homes valued at Rs 50 crore and above in 2023.

Growth drivers

Rise of the affluent middle class is one major catalyst. Increasing disposable incomes and aspirations are leading more people to seek luxury goods. The study reveals, the number of UHNWIs with assets exceeding $1 million is projected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Then there is this trend of ‘revenge spending’ post-pandemic is fuelling indulgence in luxury purchases.
Meanwhile, expansion of e-commerce platforms like Tata CLiQ Luxury are making luxury goods more accessible to a wider audience. This coupled with opening of ultra-luxury retail destinations like Jio World Plaza in Mumbai is attracting global brands and offering a world-class shopping experience.

Booming demand across sectors

In fashion segment, global luxury brands like Louis Vuitton, Dior, and Gucci are witnessing robust sales, while domestic designers like Sabyasachi Mukherjee are expanding their reach. Similarly in jewellery sale of Bulgari's mangalsutra, a traditional Indian necklace, have been brisk, reflecting a growing appreciation for local design elements within the luxury segment. "We are probably the only global jeweller to have Indian products such as the mangalsutra and the kada," says Jean-Christophe Babin, CEO of Bulgari. Swiss watch exports to India jumped 16 per cent in 2023, and retailers like Ethos Watch Boutiques are experiencing significant growth. In cars, luxury carmakers such as Mercedes-Benz, Audi, and BMW reported stellar sales figures in 2023, with the overall segment growing by 28 per cent.

Challenges and the road ahead

One major challenge is the limited quality retail space. India needs more high-end infrastructure to accommodate the growing demand for luxury brands. Also, luxury brands need to stay updated on the changing tastes and aspirations of Indian consumers. “Infrastructure and distribution channels required for a luxury boom are still a challenge, but once we bridge that gap, India will be on the rise,” says Sabyasachi Mukherjee, Indian fashion designer.

The Indian luxury market is poised for continued growth, due to a combination of factors. With increasing affluence and a growing appetite for luxury goods, India is expected to become a major player in the global luxury market. However, addressing infrastructure challenges and providing a seamless customer experience will be crucial for sustained growth.

The fashion sector in India is undergoing a dramatic shift, with runway trends and ever-growing influence of social media stars. A new report by EY and Collective Artists Network's Big Bang Social gives an insight into influencer marketing boom, with a projected 25 per cent growth in the sector this year alone. This growth is largely driven by the fashion, lifestyle, and beauty industries, making it a goldmine for brands looking to tap into a hyper-connected consumer base.
The report, ‘State of Influencer Marketing in India’ is based on a survey of over 2,000 participants, including brands, creators, and industry professionals. It reveals a country on the cusp of a social media shopping revolution. With a staggering 740 million active smartphones expected in India by 2030, and half of mobile usage dedicated to social media, influencer marketing has become an essential weapon in the marketer's arsenal.
Fashion and lifestyle lead the charge
The report highlights the dominance of fashion, lifestyle, and beauty brands in propelling the influencer marketing growth. These segments understand the power of influencers to showcase products in a relatable and aspirational way. Consumers, particularly younger demographics, trust the recommendations of influencers they follow, making them valuable brand ambassadors.
Brands embrace influencer power
Over 70 per cent brands are already actively investing in influencer marketing, and this number is only set to rise. The report highlights a significant shift in strategy, with three-quarters of brand strategies incorporating influencer marketing and 75 per cent of brands planning to maintain or increase their budgets in 2024. Interestingly, brands are prioritizing engagement over direct sales, focusing on influencers who resonate with their target audience and generate genuine connections. This is leading to a rise in the popularity of micro and nano influencers, who boast higher engagement rates despite their smaller followings.
The report advises a strategic approach, leveraging established mega/macro influencers for brand awareness and loyalty, while using micro/nano influencers to drive deeper audience engagement. This targeted approach allows brands to cater to specific demographics and interests, creating a more impactful marketing message.
What’s more the influencer marketing landscape is not just about established names. The rise of short video platforms like Chingari and MX TakaTak is introducing new avenues for brands to connect with consumers, particularly in non-metros. These platforms, dominated by a younger, male demographic, are broadening the creator base and introducing fresh content formats.
Key takeaways from report
Increased investment: Over 70 per cent of brands are already investing in influencer marketing, and 75 per cent plan to incorporate it into their future strategies.
Shifting priorities: Brands are prioritizing engagement and awareness over direct sales conversions when selecting influencers.
Rise of micro and nano influencers: Almost 47 per cent brands favor micro and nano influencers due to their cost-effectiveness and high engagement rates.
Performance-based compensation: The traditional fixed fee model is evolving, with brands exploring performance-linked models to ensure accountability.
Emerging platforms: While Instagram and YouTube remain dominant, platforms like Chingari and MX TakaTak are gaining traction with new consumer segments.
However, despite the positive outlook, challenges remain. Marketers struggle to measure the return on investment (ROI) of influencer campaigns, while influencers prioritize building audience loyalty and maintaining credibility. Addressing these challenges will be crucial to ensure the sustainable growth of the influencer marketing industry in India. With a clear understanding of these challenges and a focus on innovative strategies, influencer marketing is poised to be a game-changer for brands and creators alike, particularly in the fashion, lifestyle, and beauty sectors.