India’s luxury apparel market on an upswing: Report

The luxury apparel market in India has been on a significant upswing in recent years. As per a report by The Statesman, the market’s growth is being driven by the presence of both luxury stores such as Louis Vuitton, Chanel, and Gucci, and renowned local brands like Sabyasachi, Tarun Tahiliani, and Ritu Kumar.
A growing number of affluent individuals are driving the demand for high-end products in the country, transforming luxury fashion into a multibillion-dollar industry in the country. Especially popular in metropolitan areas, these luxury brands are also being sought by affluent customers from smaller cities. The expansion of digital platforms offering customised services and tailored solutions is also broadening the customer base for these brands.
Capitalising on the lucrative Indian wedding market, luxury fashion brands are also driving the demand for bespoke and exclusive apparel amongst consumers. However, the production of luxury apparel in India encounters several challenges. One of these includes the high prevalence of counterfeit luxury goods at lower prices leading to brand dilution. Additionally, the customer base of luxury brands in India is scattered across the country with many Indian consumers also being price-sensitive. Also, some affluent Indians prefer to shop abroad, further widening the gap between these luxury brands and the local market.