Rapid growth for India's luxury market in 2013 - leatherbiz: Leading n Leatherbiz

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Rapid growth for India's luxury market in 2013

09/01/2014
India’s luxury market remained largely unaffected by the economic slowdown in 2013 and instead grew between 25% and 30% to reach $8.5 billion, according to the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

It said the apparel and accessories sector showed strong growth while, overall, the luxury market is forecast to grow beyond $14 billion by 2017.

“A young demographic profile, a growing number of millionaires and billionaires and aspirational integration with the globe are among the driving factors for the luxury markets,” said DS Rawat, secretary general of ASSOCHAM.

According to the report, companies that performed well in the country in 2013 include Gucci, Christian Dior, Louis Vuitton and leathergoods companies Canali India, Da Milano Leathers and Hidesign.






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