A study on Indian fashion luxury retail market

Abstract

The international luxury retail market is growing at a rapid pace in India. There is a massive amount of international brands, vying to introduce, develop and provide the luxury retail goods to the consumers in India. For this, they are attempting to develop effective and efficient distribution channels as well as marketing strategies to attract customers are not familiar with the luxury goods. The objectives of the study are firstly to evaluate the current performance of the luxury market in India. Secondly it aims to identify the opportunities available as well as the future scope of the luxury market. And lastly, the impact of GST and other government policies on the luxury retail market. The paper provides an understanding that there are enormous and untapped opportunities in the market and they are available only for the ones that are able to visualize the future trends and are able to re invent themselves in order to tackle the challenges. The study also brings out significant implications for both researchers and marketers. The rise of a confident consumer class, which is starting to experience premium and luxury brands, has become a symbol of an increasingly dynamic and vibrant luxury market that transcends India's ‘old money’. The luxury market in India is a market from Maharajas to Masses. They find the opulence of shops in five-star hotels and English speaking salespersons intimidating. Although the Indian Government's recent FDI policy for single brand retail is a step forward to develop the luxury sector, additionally fine modifications considering welfare of every stakeholder on fingers, is desired to facilitate the fluent entry of foreign luxury tags in India.