Luxury market in India to reach $15 billion next year
14/08/2014
Indian consumers spent $8.5 billion on luxury goods last year but, according to consultancy Lewis Alexander, this figure will reach $15 billion by the end of 2015.
In a recent report, the company said: “Luxury staples Hermès, Louis Vuitton and Gucci are the three leaders in India, but as the upper-middle classes become hungrier for luxury, many more brands are crowding in, from Fendi to Bottega Veneta and Jimmy Choo.”
It said the luxury sector has been “underserviced” in India, not least because import duties for some products can be as high as 150%. “This situation has changed in the last two years and India is looking more open than ever before,” Lewis Alexander said.
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