Luxury the Indian Way

Abstract

A decade back brands like Louis Vuitton , Dior, Chanel, Parada seemed distant and unheard names for most of the Indians. Ten years later, the situation has changed drastically .Luxury brands have penetrated into the Indian market and have made their presence felt. India is rediscovering luxury in its own way as the concept of luxury is not new to India. India with its rich legacy of Maharajas and Nawabs has cherished branded luxury. Today, India is amongst the fastest growing economy with the rising per capita income, rising urbanization, dropping dependency ratio, changing mindset of people, increasing purchasing power, India is on the radar of the global retailers seeking entry into Indian market. A young demographic profile, growing number of millionaires and billionaires and urge to stand globally are the driving factors for the luxury market which see a big potential in Indian consumers. ASSOCHAM report disclosed that regardless of global economic slowdown and with growth rate of 25-30% in 2013 Indian luxury market has touched around $8.5 billion as against $6.5billion in 2012 and is estimated to cross $14billion during next three years. This conceptual paper discuss about the Indian luxury market and the concept of luxury in India. Further the paper analyses luxury brands and their strategies to succeed in India and the changing face of luxury in India.