As India’s luxury market becomes a formidable player on a global scale, there has been an influx of international brands racing into the market. Meanwhile, existing players have been sharpening their knives and bolstering up their game. The last year saw the entry of Balenciaga and the opening of Mumbai’s Jio World Plaza, the country’s biggest luxury mall. Dior’s Fall 2023 presentation at the Gateway of India last March was a key turning point, cementing India’s position as one to watch out for.
Statistics echo a similar story. Bain & Company found that the Indian consumer’s spending on luxury goods is expected to more than triple by 2030, reaching approximately USD 27 to USD 32 billion. According to Knight Frank’s 2022 Wealth Report, the country’s population of high net-worth individuals (those with investable assets of USD 1 million) is forecasted to increase by 56.6 per cent between 2022 and 2027, while The World of Statistics’ Hurun Global Rich List 2024 declared that Mumbai is home to the third highest number of billionaires in the world today.
An Indian immersion
One of the most unique features about the Indian market is its heterogeneity. A localised approach in alignment with the country’s cultural nuances and diverse shopping preferences makes a winning hand here. “When global brands started entering India 15 years ago, we weren’t considered a significant enough market. This made them hesitant about glocalisation. Today, it has become the norm,” says independent luxury expert Deepika Gehani, whose former company Genesis Luxury was responsible for bringing brands like Jimmy Choo, Bottega Veneta, and Armani to India.
Wristwear and handbags infused with intricate Indian motifs and craftsmanship reflect the growing glocalization.
“Global brands have begun to realise the need to tailor market-specific collections, special drops, limited editions and local collaborations for India,” adds Gauri Kohli, partner and director of luxury and beauty at PR Pundit Havas Red, a company that routinely works closely with global brands to achieve just that.
Case in point: A fundraising gala dinner hosted by Ralph Lauren in collaboration with Princess Diya Kumari Foundation and its royal benefactor Gauravi Kumari, at her home in City Palace, Jaipur. “Since Ralph Lauren is also closely tied to philanthropic work around the world, the cause of empowering local women in Rajasthan resonated with them,” explains Kohli of the event last December.
To showcase a retrospective of their high jewellery pieces inspired by Indian culture’s navratna stones, Italian jeweller Bulgari fittingly chose the festival of Holi. Adding another layer of exclusivity to this intimate soiree was the evening’s co-host — entrepreneur and art patron Isha Ambani — who opened doors to her family house Antilia for the evening. “Right from choosing the festival of colours to match the coloured gemstone pieces to serving a traditional Indian thali dinner, this was a great example of localising the product association and the experience,” says Pavithra Gandhi, director of creative agency Magnanimous Group that specialises in luxury brand experiences. Gandhi, whose company also worked on the pre-show dinners and events ahead of Dior’s runway show last year, adds: “Everything was India-centric, from the food and flowers to the furniture, sourced from all over the country for an authentic experience. Brands are diving deep into hyper-local details now. It’s not superficial or lip service.”
Face value
The oldest trick in the book is to find allies in famous faces, to capitalise on the latter’s reach and dedicated following. This is exactly what luxury brands have found by roping Indian movie stars as brand ambassadors; be it Deepika Padukone for Louis Vuitton and Cartier or Alia Bhatt for Gucci. But there is merit in thinking beyond the obvious, and we are finally starting to witness the advent of less obvious associations. Such as Jimmy Choo’s recent announcement of Gauravi Kumari as a house ambassador for India.
From rani pink accessories to exclusive designs inspired by India’s heritage, luxury brands are tailoring collections to resonate with Indian consumers.
Celebrities aside, collaborations with well-known local artists, artisans and creatives are also gaining traction. Dior has been at the forefront here — be it artworks by the Shakuntala Kulkarni, and Madhvi and Manu Parekh serving as backdrops for their runway shows, artist Bhakti Kher designing a limited edition Lady Dior handbag, or working closely with the workforce of Chanakya School Of Craft.
For the recent opening of their new store at Jio World Plaza, Hermès turned to production designer and filmmaker Aradhana Seth to conceptualise their inaugural windows by marrying the brand’s codes with a unique take on the Gond art from Madhya Pradesh. In the past, the Parisian brand has also worked with architect and designer Rooshad Shroff to dress up their windows.
Culture calling
Kohli emphasises the importance of, “fitting into local traditions, cultural nuances, festivals and weddings as these account for the lion’s share of luxury spending. These are the kind of associations that can create deeper connections,” she says. Today, brands like Jimmy Choo and Gucci release limited edition drops for Diwali, and Christian Louboutin (apart from having collaborated with Sabyasachi Mukherjee between 2015-2017) introduced ‘The India Wedding Edit’ last year. Bulgari launched a mangalsutra in 2021 and a B.zero1 Kada bracelet for men this year, especially for India.
“Traditionally, Christmas has been the main emphasis for global brands. But you can’t be in India and not celebrate Diwali. It’s like not acknowledging Ramadan in the Middle East,” says Gehani. “We had to work actively to convince brands to allocate budgets to activations around the festival, which we successfully implemented for the likes of Coach, Villeroy & Boch, Tumi and Paul Smith among others.”
But not all India-exclusive or -inspired products are tied to a festival. For instance, Jimmy Choo’s latest Mumbai Bon Bon Bag is part of their The Flower Series, which takes cues from creative director Sandra Choi’s favourite cities around the world. Dior and Louis Vuitton, on the other hand, have released special rani pink accessories for the Indian connoisseur in the past. “Indian luxury spenders do take great pride in collecting these exclusive drops. It makes them feel seen,” adds Gehani.
Footwear elevated with traditional aesthetics, blending global design with local artistry.
It would serve international brands well to understand the evolving mindset of the present-day luxury patron. “India has always been perceived as a price-sensitive market. But this is undergoing a seismic shift from luxury logo chaser to educated consumerism. The country is witnessing a rising affluent demographic — both in metros and smaller cities — with increased spending power and exposure,” explains Kohli. Today’s well-heeled Indian consumer is a globetrotter celebrating their Indian roots while marrying it with an international lifestyle. They want to be wooed, courted and celebrated. Luxury brands who manage to speak this language fluently, will pass the litmus test in India.
Words by Praachi Raniwala
