Global luxury brands have been increasingly leaning towards Indianization since last year. This year too, many brands have launched their products to suit indian tastes. The trend of global luxury brands moving towards Indianization has continued this year as well. Last year, some of the world's luxury brands tailored their products to suit the tastes of the people of the country as part of Indianization. This time some more luxury brands are included in this list. Italian luxury brand Bulgari has launched indian only jewelry 'Mangalsutra', while famous French fashion house Louis Vuitton has launched 'Rani Pink' festive footwear collection for the festive season. These brands have started their efforts to make their mark in India. India's luxury consumer goods market sees huge sales during the festive and wedding season. Luxury retailers with a presence in india increased by 10% this quarter. 30 to 40 percent increase in business is expected. india is currently the largest market for all luxury brands in the world.
Not just iconic fashion houses, luxury automotive giants are also excited about India. He also observed that there is a growing desire among people in india to use premium materials. These brands are designing not just their stores but products that are tailored to india with a touch of modernity. Not only Bulgari, Louis Vuitton, but also english fashion giant jimmy Choo has recently launched a diwali capsule collection. On the other hand, Coach, a luxury bag brand, released the Wear Your Shine Collection bag for indians in celebration of Diwali.
Not just new collections, brands are increasing their presence in india with more stores and bigger locations. Luxury brands such as Gucci, Cartier and Louis Vuitton have opened stores at the newly launched jio World Plaza Mall in Mumbai. Spanish couture brand, Balenciaga, has opened its first store in the same mall in Mumbai. "Many luxury brands have opened their stores at DLF Emporio in Delhi," said pushpa Bector, head of marketing and retail, DLF. According to a Bain & Co report, by 2030, the luxury market in india could touch $200 billion. Another report by Euromonitor international states that India's luxury market is one of the fastest growing in the world, with a projected value of $8.5 billion by 2023. India's economic growth and expanding middle and upper class have created a favorable environment. Consumption of luxury products will increase from 12,069 persons in 2022 to 19,119 persons in 2027. India's ultra-high-net-worth individuals (UHNWI) with a net worth of $30 million is expected to grow by 58.4% over the next five years.
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