March 26, 2013

Indian Luxury Market Is Vigurously Booming

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After in 1925, the Maharaja of Patiala, Sir Bhupinder Singh, commissioned one of the world’s most prestigious jewelry houses, Cartier, to restore his impressive jewel collection (a project that gave birth to the famous Patiala necklace, which includes the 234.69 karat De Beers diamond, the world’s seventh largest diamond, along with 2390 other diamonds and other precious stones, forming a 1000 karat jewelry piece worth an estimated $30,000,000), and also after more than a century ago, the Maharajas of Jammu and Kasjmir and Bikaner and Baroda ordered custom made Louis Vuitton luggage bags, India took a break from its historic relationship with luxury and opulence, even after the declaration of its independence in 1947.

The Patiala Necklace

The Patiala Necklace

However, for an entire decade now, India has been slowly but steadily reigniting the flame of its love affair with luxury. The Indians – 1.22 billion people, out of which 81 million estimated to belong to the upper middle class – have immense buying power, doubled by an insatiable taste for fashion and luxury.

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From Louis Vuitton, the first luxury brand present in India, who also happens to celebrate its 10th Indian anniversary this year, to Christian Louboutin, who, after the success of his first store opened a year ago in New Delhi, is set to launch a second store this year in Mumbai, to Dior, who, since 2006, has opened three stores in the country, or Gucci, that currently has five Indian stores, the country of India is, according to statistics, about to surpass China as the world’s leading luxury buyer with continuing growth power.

Sanjay Kapoor, managing director of Genesis Luxury, a company that owns franchising and distribution rights for Burberry, Paul Smith, Bottega Veneta, Canali, Jimmy Choo and Etro, has declared for style.com that the industry of luxury goods is currently growing by 25%, being, after China, the next important destination for brands to branch out. Prada, Alexander McQueen, Dolce & Gabbana and Stella McCartney are just a few of the well-known names in fashion right now to explore the idea of opening stores in India as soon as possible. Until 2015, it is expected that the Indian luxury market will have doubled its profit, reaching $15 billion.

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Photos courtesy of: victoriaraj.wordpress.com, anitadarlingubhi.com