Photo: Bloomberg
Photo: Bloomberg

India’s luxury goods market to hit Rs7,100 crore in 2015

Global luxury industry surpasses 1 trillion in retail sales value in 2015, says Bain & Co. report

India’s luxury goods market is expected to touch €1 billion (about 7,120 crore) by the end of 2015, a 13% yearly increase at current exchange rates, according to a report published on Thursday by consulting firm Bain and Co. and Italian luxury goods maker Fondazione Altagamma.

According to the report, which tracks the sales of expensive cars and bags, among other products, the global luxury industry has surpassed €1 trillion in retail sales value in 2015, a 5% increase.

Luxury cars (8%), luxury hospitality (7%) and fine arts (6%) lead growth in the global luxury goods market for the year. The personal luxury goods market, which include leather accessories, fashion, fragrances and cosmetics, reached €253 billion in 2015.