New Delhi: India has a long tradition of luxury consumption dating back to the early 1900s with the maharajas who had a penchant for Rolls Royces and suitcases from Louis Vuitton apart from bespoke neck pieces from Cartier. The market has changed dramatically since then. Bain & Co. estimates India’s current luxury market at close to $6 billion and growing at 15-20% a year in a survey. However, it points out that the country is way behind China’s luxury market, which boasts of 745,000 high-networth individuals (HNIs) compared with India’s 120,000. While China retails luxury labels through 1,100 outlets, India has 60 stores, the survey says.

Close