Indian luxury market has grown by 20%
According to a report released by CII-Kearney, the luxury market in India showed a growth of 20% over the past year and is estimated to have reached to $5.8 billion. Luxury products grew by 29%, services 22% and luxury assets rose by 13%.
The report also revealed that consumers are accepting and adopting global trends much faster than anticipated. “Around 50% of our employees work for social media and this is our future work force,” said Angela Ahrendts, CEO, Burberry, speaking on the sidelines of the CII-ET Dialogue on Luxury at ITC Maurya, New Delhi on 11 October.
Jimmy Choo CEO, Joshua Schulman, said that at present the brand has three stores in India and is looking forward to expand its retail footprint in the country. He said that India lacks infrastructutal facilities which hinders the luxury growth market. The company plans to expand its product verticals by entering new segments such as handbags, fragrance (this fiscal) and leathergoods.
Anand Sharma, Minister of Commerce and Industry and Textiles said: “International players in the luxury market need to create partnerships in India. The government is playing its part to provide a conducive environment for the foreign luxury players to flourish in this country and it is already working on a Free Trade Agreement with the EU, opening pathways for European players.”
