The great Indian luxe festival: Here's why top global luxury brands are rushing to India

Have money, will spend. That seems to be the guiding force these days in the Indian luxury market, as ultra-high net-worth individuals (UHNIs) make a beeline to shop for their favourite brands across segments—luxury cars, watches, clothes, accessories, jewellery; you name it, they want it. And that’s hardly surprising. According to Knight Frank’s ‘The Wealth Report 2024’, the likely number of UHNIs with total wealth of over $30 million in India is expected to stand at 19,908, a 50% surge from 2023. Meanwhile, Bain & Company projects India’s luxury market will reach $85-90 billion in size by 2030. Among other key trends are tech advancements and a focus on sustainability, with GenZ buyers also powering luxury purchases. According to Deloitte’s ‘Global Powers of Luxury Goods 2023’ report, India made significant contributions to the global luxury industry, which surged to $347 billion in FY22. The report points out that the growth was attributed to the strategic integration of technology, particularly Gen AI, which facilitates personalised customer experiences and real-time support. With the surge in discretionary spending, Indian consumers are increasingly inclined towards luxury purchases, accentuating India’s pivotal role in shaping the future of luxury retail, Deloitte notes.

Our Luxury Issue this year brings you several of these trends and dives into the factors powering India’s luxury boom. From the best options in luxury air travel to the finest caviar, the best luxury watches to the smartest and speediest luxury electric cars, this issue brings you the best of the best. Ruchika Mehta writes on the trend of quiet luxury, where the uber-rich prefer to keep their brands subtle, while Smita Tripathi gets you the story of how global names from the world of fashion, music and showbiz are proudly wearing creations crafted by leading independent Indian jewellery designers like Sabyasachi, Farah Khan Ali and Kamyen.

As India becomes the toast of the luxury world, top global brands are making a beeline for a slice of the pie and setting up their operations in the country. From Louis Vuitton to Gucci, Bvlgari to Christian Louboutin, Cartier, Tiffany & Co., Hermès and many more, the top-end global brands are drawing up big plans for India. The biggest Indian business groups like Reliance and the Aditya Birla Group have brought in several big global luxury brands through collaborations. This rush of global names has led to a scramble for luxury retail space. As Vinod Nair writes, with several high-end global brands seeking sprawling retail spaces to showcase their products, luxury malls are busy drawing up expansion plans. The Reliance-owned Jio World Plaza and Jio World Drive in Mumbai, The Phoenix Mills-owned Palladium in Mumbai, DLF Emporio in Delhi and luxury malls in Kolkata, Chandigarh and Bengaluru are gearing up to welcome more and more global luxury majors. The battle of the luxury brands is getting into top gear, and the Indian luxury shopper is spoilt for choice. As we enter the festive season, India will see a celebration of luxury like never before. Happy Diwali!