New Delhi: Luxury sales this Diwali seem to be a mixed bag for retailers and brands with some reporting double-digit growth in sales over a year earlier while pointing also to subdued sentiments elsewhere. However, most retailers and brands ET spoke with said they have seen an uptick in sales.
“Sales for us are 10-15% higher than last year. I think we got lucky and we got some good corporate orders as well, but we are hearing the business has been weaker this Diwali for some of the other luxury categories,” said Viraal Rajan, owner and director of Time Avenue that retails luxury watches of brands such as Rolex and Chopard.
Pushpa Bector, senior executive director and business head at DLF Retail, said while she sees growth in luxury sales, some brands might have experienced “degrowth”.
“Generally, it was not as vibrant as we thought it would be. We might have expected growth at par with levels seen in 2022-2023 but the base of growth has come down. Watches had a golden run, but there can’t be 100% growth each season. Certain brands in luxury bags and accessories are growing but some are not,” she added.
Tata CLiQ chief executive Gopal Asthana said strong growth in orders and average ticket value, along with “significant bets” on categories like fashion and accessories, are driving Tata CLiQ Luxury’s growth this Diwali.
“Gifting is an integral part of the festive season, and there’s a growing demand and interest in gifting luxury products. We are seeing a surge in categories like beauty, fragrances, home, jewellery and watches,” he added.
Nikhil Lamba, CEO of Lladró India, said the India business grew 7% over last year in the festive period.
“Each year we add a new high porcelain creation to the Spirit of India collection, and this year Lord Hanuman, a limited edition of 499 units, made a significant contribution to the growth,” he added.
Luxury watch sales have been good overall, and global luxury brands have also become a lot more active around Diwali, said Pratiek Kapoor, director at Kapoor Watch Company.
Sanskriti Gupta, spokesperson at Läderach India, said the luxury chocolate brand has seen over five times growth since its launch in India in 2023.
“This festive season, we expect an increase of 10% in sales as we plan to touch both corporate and wedding-event gifting categories,” she said.
