Introduction
In the recent past, India has been the center of world fashion, especially ultra luxury brands which are making their presence felt in the Indian markets. The growth of Indian luxury brands started way back in the year 2002 when Louis Vuitton arrived in India, becoming the first international premium luxury brand to enter the market. Since then, many other players like Gucci, Bottega Veneta, Hermes and Burberry followed. However, back then the ultra luxury brands had a very niche market with only HNIs being their ardent followers. Since the year 2021, the ultra luxury brands have expanded drastically in India targeting more and more just not the higher strata income group, but also the common man.
World fashion into India
In 2022, Valentino opened its first store in India’s capital and this year, Paris-based Spanish luxury brand Balenciaga is all set to make waves.
Following to new announcement, this year 2023 has also been marked an edge over as it has been instrumental in bringing international fashion to a whole new level when Christian Dior showcased its Fall 2023 collection at Mumbai’s iconic Gateway of India, becoming the first fashion house to unveil its latest line in the country.
In the month of November 2022, when Aditya Birla Fashion and Retail Limited (ABFRL) signed a strategic partnership deed with Paris’ iconic department store Galeries Lafayette, and announced its plans to open luxury department stores and a dedicated e-commerce platform in India it made headlines in the fashion world. The flagship stores in Mumbai and Delhi, is set to bring more than 200 luxury and designer brands under one roof.
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Recently another Fashion giant Reliance Retail Ventures Ltd (RRVL) signed a long-term franchise deal with French fashion house Balenciaga and this year the Company has entered an agreement to acquire Ed-a-Mamma, a children’s and maternity-wear clothing brand. Also, Reliance Retail plans to bring Shein, a major player in Chinese fashion, back to India through a partnership. Further, H&M has launched its home line within some of its flagship stores across India.
Reliance has also been instrumental in bringing jewellers like Cartier and Bulgari, fashion houses like Louis Vuitton, Dior and Gucci, watch brand like IWC Schaffhausen and luxury luggage maker Rimowa who have open their first outlet in India.
The reason for such an enormous drive in the demand is due to the change in the outlook of the normal middle-class people and increase in their spending powers. It is seen that a general uptick in the incomes of white-collared workers, rising entrepreneurship and the growth of social media are driving demand for branded goods.
Experts also believe that demographics have a role to play in this growth in the luxury market. Today, India is one of the youngest countries in the world and Generation Z doesn’t believe in saving. Moreover, they are more aware of luxury brands across the world and use the internet to shop overseas.
Indian fashion abroad
The story being vice versa is also to be noted wherein Indian fashion designers are much in collaboration with the giant fashion houses of the world. It is seen that the major retails brands in India are collaborating with international fashion houses in order to create a strategic partnership between the world fashion houses and India so as to merge and synergize both the fashion worlds. It is seen that labels of Indian designers are walking the ramp of the Paris fashion show and some of them are even opening flagship stores in New York, London and Dubai.
India having its own fashion and trends, with its aesthetic and age-old tradition and craftmanship which is incorporated in its everyday styles and found commonly in the attire and apparel of the masses. These techniques, styles and aesthetics have not only been noticed but have also been now influencing various corporate fashion houses across the world. This synergy is aimed at combining both international fashion as well as Indian fashion including high-street fashion in clothing, apparel and jewelry.
Indian luxury fashion brands are now able to export and attract investors. High-quality Indian handicrafts, recently given pride of place by Western luxury brands, are now finding a way to expand thanks to local fashion houses.
CONCLUSION
India’s fashion market is set to touch Rs. 5.7-5.8 trillion by 2024, driven by premiumization, greater penetration of e-commerce and a higher focus on private labels as well as entry of international brands, according to 2021 estimates by Boston Consulting Group.
Global brands are eager to participate in India’s growth as the fifth-largest retail market in the world. Urban Indian consumers have increasing purchasing power, and branded goods in sectors including apparel, cosmetics, footwear, watches, beverages, food, and even jewellery are steadily growing in popularity for usage in both work and leisure. It is predicted that the Indian fashion market is the most stable and growing markets of the world in the coming year for luxury products.
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