Barclays predicts double digit growth for India’s luxury market for coming seven years

A new report by British multinational bank Barclays states that India’s luxury market is set to grow from 15% to 25% each year for the coming seven years. The country’s middle class is continuing to grow and many international fashion labels are pursuing brick-and-mortar expansion in the country.

“Beyond Gucci, we also hear positive feedback around Saint Laurent and Balenciaga,” read Barclays’ report on the Indian luxury market, Fashion United reported. “Outside of Kering, brands like Louis Vuitton, Chanel, and Dior were also flagged as popular during our discussions.”  
 
The business spoke with mall operators about the response to luxury brands in their shopping centres. Malls in metros such as New Delhi and Mumbai are increasingly embracing luxury fashion as both global and desi premium brands expand their brick-and-mortar footprint in the country. This could contribute to the Indian luxury market’s value reaching €23 billion to €38 billion in seven years’ time.
 
Along with global brands launching stores in existing Indian malls, new malls are also continuing to spring up in cities across the country. Reliance Industries Limited opened its Jio World Plaza in Mumbai’s Bandra Kurla Complex in November last year and the mall houses luxury brands including Versace, Bulgari, Balenciaga, Dior, Gucci, Burberry, and Tod’s among others, according to its website.