The number of millionaires in India is estimated to double from 796,000 to an estimated 1.6 million in 2026. Read more at straitstimes.com.
NEW DELHI – In the heart of Mumbai, the interiors of two 100-year-old heritage buildings are being completely refurbished to house department store Galeries Lafayette, which will have more than 200 luxury and designer brands.
He said: “This growth is largely driven by aspirational young and affluent consumers with global exposure who are willing to spend on luxury products and experiences, a rise in entrepreneurship, a strong middle class, and deeper penetration of e-commerce.”Unlike China, India may not have been a major market for Western luxury brands amid challenges of finding retail space and being a tough place to do business amid complex regulations.
Mr Anul Sareen, project manager at Euromonitor International, which provides strategic market research, said “luxury players are taking notice and becoming bullish about their efforts in the country”. “Now you will see brand building and development efforts, because the growth will now come from these first-time customers. That is the shift now.”
Dior said it was also a celebration of the relationship between Dior, Chanakya Ateliers and the Chanakya School of Craft, which trains women from low-income communities in hand embroidery and craftsmanship. Indian embroiderers have long contributed to French fashion. Bollywood actress Deepika Padukone as Louis Vuitton’s house ambassador. PHOTO: LOUIS VUITTON/FACEBOOK
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