The market opportunity for luxury products in India is estimated at $3 billion. This market is expected to grow at 25-30 per cent a year till 2015.
Changing consumer attitude, relaxation in import duties and emergence of high-end shopping destinations are some of the key reasons catalysing the growth of this market. Indian consumers have started gravitating towards luxury goods and services that connect with their aspirations.
A number of high-end international brands (such as Armani, Noraletto, Raymond Wiel and Burberry) have entered the Indian market through joint ventures with Indian retail players.
In spite of some luxury brands closing shop, there are many that have managed to expand their presence after a certain number of years. It is widely believed that the segment has potential for players with a long-term focus.
