How the men’s luxury market in India, is witnessing an extraordinary rise

Young, hip, urban… and male. Meet the fashion world’s new best friend.

Thanks to rising disposable incomes, evolving fashion choices, and a growing desire for upscale, exclusive attire, the market of luxury menswear in India is witnessing an extraordinary rise. Once a niche segment, it is now thriving, driven by economic growth, changing consumer trends, and increased brand awareness.

According to market research company Euromonitor International, the size of India’s men’s luxury apparel market (comprising designer outerwear, underwear, nightwear, and swimwear) is expected to grow at a CAGR (compound annual growth rate) of 3.4% to touch $163.1 million by 2028, up from $142.7 million in 2024. The corresponding segment in womenswear is expected to grow at a CAGR of 6.5% to $231.8 million by 2028.

“India’s men’s luxury market is experiencing a remarkable surge, mirroring the global trend where men’s luxury has overtaken women’s. Domestic brands like Raghavendra Rathore, Ravi Bajaj, Shantnu & Nikhil, along with global brands like Corneliani, Zegna, etc. are leading this charge with bespoke and modern designs,” says Pushpa Bector, Senior Executive Director and Business Head, DLF Retail, which operates two luxury malls in Delhi-DLF Emporio and The Chanakya.

The change has come about primarily after the pandemic. A survey by Reliance Brands Ltd (RBL) in 2022 found that the men’s luxury brand portfolio grew by 46% in 2021. For women, it was only 14%. Moreover, 57% men claimed that their fashion spending had increased.

And it’s not just clothes. “Accessories are seeing a major uptick and there is a lot of interest in men to wear bejewelled watches as statement pieces,” says Bector.

At Ethos Limited, India’s largest retailer of luxury watches with 68 boutiques across the country, nearly 70% sales come from men’s watches. While legacy brands from Switzerland that focus on heritage, sports and innovation continue to grow, there are newer brands such as Jacob & Co., Norqain, and Bell & Ross that are becoming popular. “There’s a noticeable shift towards smaller dials, with many enthusiasts favouring 37-39 mm cases. Additionally, 18-carat gold watches are becoming increasingly popular, with both cases and bracelets crafted from gold. Limited edition pieces are also capturing attention in the market. For example, the Jacob & Co. limited editions consistently sell out due to their exclusivity and unique design,” says Pranav Saboo, Managing Director and CEO of Ethos, which grew at a CAGR of 20%, closing the financial year 2023-24 at approximately Rs 999 crore.

At Tata CLiQ Luxury, the customer base is split 60:40 between men and women, with men shopping for apparel, watches and accessories. “The demand for men’s luxury has been growing, and it’s a trend we expect to continue. Men’s apparel is one of the fastest-growing and top-selling categories on the platform. As brand awareness grows and men become more invested in their personal style, there is a heightened interest in sporting the latest trends,” says Gopal Asthana, CEO of fashion e-commerce platform Tata CLiQ.

All that Bling

India has a history of men wearing jewellery. Cartier is renowned for all the jewellery it made for Indian maharajas. While men may not be sporting large necklaces and brooches except may be at weddings, everyday bling is in. “According to our consumer insights, 90% of men in the 31-40 age group in top metros and Tier I cities consider precious jewellery crucial for significant occasions, highlighting the increasing importance of the jewellery category in their lives,” says Vaishali Banerjee, Managing Director-India of marketing organisation Platinum Guild International (PGI). Under its Men of Platinum brand, PGI has recently launched “The MS Dhoni Signature Edition” where each piece is adorned with Dhoni’s signature. Depending on the design and weight of each piece, prices for the collection range from Rs 55,000 to Rs 2.5 lakh. “In just five years since its launch, we have seen distribution for Men of Platinum increase by 3X. Men’s jewellery is today the highest growth category with a CAGR of 18-20%. In fact, Men of Platinum makes up for 42% of all platinum jewellery consumed in the market today,” says Banerjee.

It was in keeping with men’s love for jewellery that Bvlgari launched the B.Zero 1 Kada bracelet, an India-exclusive design, in January 2024. Priced upwards of Rs 12 lakh, the 18k gold bracelet is inspired by the kada (bracelet) that is considered sacred in the Sikh community but is also worn by a lot of men from Punjab as well as other communities. Jean Christophe Babin, CEO, Bvlgari says, “The appetite for luxury in Indians is much stronger. A decade ago, when we first came to the country there was more demand for local jewellery but now thanks to globalisation there is a lot of demand for global jewellery. We see that Indians are in the Top 3 clients in retail in many countries. We expect India to be in the Top 5 global markets for jewellery and watches.”

Global Brands, Local Approach

Recently, Italian luxury menswear brand Canali hosted an event celebrating its 90-year anniversary with the launch of a ‘capsule collection’ in Milan. While previously such a collection would have either not come to India at all or would have been made available in the country after a few months, now it was launched in India simultaneously with the rest of the world.

Canali was one of the first global brands to recognise India’s importance as a luxury market and introduced its Canali jacket, inspired by the bandhgala, some 15 years ago. Canali has been in India for about two decades and recently opened its seventh store at Jio World Plaza (JWP) in Mumbai.  

Zegna, another menswear-focussed Italian luxury brand, opened a flagship store at JWP in 2024, its second store in the city and fourth in India. In November 2023, the French luxury group Kering-owned menswear brand Brioni launched its first store in India at New Delhi’s upscale Chanakya Mall, in partnership with FMCG conglomerate Dharampal Satyapal’s (DS Group) DS Luxury.

Post Covid, DS Luxury, which has been a longtime partner of Tom Ford in India, began adding more foreign labels to its portfolio by establishing men’s and gender-neutral stores for Berluti, Brioni, and Brunello Cucinelli in New Delhi. Ritesh Kumar, Director of DS Luxury, thanks social media for the evolution of the luxury menswear market in the past five years. “They (men) are more aware of the latest trends, and also more open to spending say, a couple of lakhs on a suit. Moreover, menswear is not as fragmented as womenswear. When it comes to global brands, the men’s ready-to-wear collection does much better than womenswear. The expenditure for women is more on accessories like bags and shoes,” says Kumar.

Even Indianwear brands are focussing on men. While traditionally, expenditure for womenswear was higher in weddings, menswear is catching up. This also holds true for occasion wear. Couturier Tarun Tahiliani opened his first men’s only store in Mumbai in 2023. Similarly, designer Rimzim Dadu, known for her avant-garde designs, opened her first menswear store in New Delhi’s DLF Emporio mall in 2023.

Aditya Birla Fashion and Retail Limited bought a 33% stake in Tarun Tahiliani’s existing business in 2021 and also established a new company, Tasva-a contemporary men’s ethnic wear brand-with the goal of selling `500 crore worth of men’s ethnic clothes and accessories in five years.

Many such collaborations are on the anvil, and with men increasingly spending more on themselves, the men’s luxury sector is only going to keep growing from here.

@smitabw