- The market opportunity for luxury products in India is estimated at $3 billion.
- This market is expected to grow at 25-30 % a year till 2015.
- Changing consumer attitude, relaxation in import duties and emergence of high-end shopping destinations are some of the key reasons catalysing the growth of this market. Indian consumers have started gravitating towards luxury goods and services that connect with their aspirations.
- A number of high-end international brands (such as Armani, Noraletto, Raymond Wiel and Burberry) have entered the Indian market through joint ventures with Indian retail players.
- In spite of some luxury brands closing shop, there are many that have managed to expand their presence after a certain number of years. It is widely believed that the segment has potential for players with a long-term focus.
Source: Technopak Advisors
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