India’s top-selling luxury brands are all saying that India’s booming consumer economy is bringing in new opportunities for the Indian luxury market.
“I am confident that we will be able to provide more choice, better quality and more opportunities for our customers,” said Manoj Sharma, the chief executive of luxury conglomerate LVMH.
“We are seeing more consumers, especially women, looking for quality in their products and that is what India is going to be a key growth area for us in the future.”
In an editorial on Wednesday, LVMHA’s managing director S.N. Ramasamy said India’s economic growth is not only providing new opportunities but also creating new opportunities.
“The growth in the Indian consumer economy will bring new opportunities to our companies and brands,” he said.
“But India is a country with many problems and it will take time for them to solve them.
India’s challenges have already begun to be tackled and the country has the potential to become a global powerhouse.”
India is India’s biggest luxury market by sales, with a total of $12.6 trillion (€10.6tn) worth of luxury goods sold in the country in 2016, according to IHS Markit.
In 2016, the country overtook China as the world’s top luxury market with $12 billion worth of sales.
In terms of the overall market share, India overtook Russia, which it overtook in 2014, and was overtaken by China in 2016.
India is home to some of the worlds largest luxury brands.
According to the Luxury Brands Index, India is home for about one-third of the brands in the global luxury category, with the rest of the market held by China, Russia, the US and the European Union.