OPINION
Luxury boom : Is India the next China ?
India is emerging as a new giant among luxury markets ; with a growing middle class and a large cohort of young consumers .
By Christian Westphal
C hina ' s reign as the largest luxury market in Asia and the secondlargest in the world is undisputed . Over the last five years , South Korea has also emerged as a wealthy contender in the luxury sphere , leveraging its cultural exports and online prowess to achieve some of the highest average order values globally . But the question on everyone ' s lips remains : Is India the next big player in the Asian luxury market ?
Louis Vuitton was a trailblazer , entering the Indian market in 2002 with its store in Delhi . Gucci , owned by Kering , initially dipped its toes in 2007 through a franchise but swiftly shifted to direct entry via a joint venture in 2009 . And it was Richemont ' s bold move into India ' s ‘ single brand ’ retail space in 2014 with a $ 5 million investment signalled the beginning of a steady influx of international luxury brands establishing their foothold in the country .
The Dior Fall 2023 show in Mumbai last Autumn , helmed by Maria Grazia Chiuri , is a testament to India ' s rising prominence . The luxury market in India is expanding rapidly , and brands are keen to capitalise on this boom .
28 www . insideretail . asia August 2024