Tod’s, the Milano-based luxury goods and jewellery brand, has opened a new boutique in Mumbai’s Jio World Plaza, as announced by its franchise partner in India, Reliance Brands Ltd., on social media.
Reliance Brands Ltd. shared on LinkedIn, “Tod’s unveiled its newest boutique at Mumbai’s Jio World Plaza, showcasing the brand’s iconic pieces and latest collection. Guests and friends of the house congregated to commemorate this momentous occasion, indulging in the opulent ambiance and splendid collections showcased.”
According to details provided on Tod’s website, the brand maintains a global presence and runs approximately five stores across India, situated in cities such as Delhi, Mumbai, and Kolkata.
Media reports from 2022 indicate that Reliance Brands Ltd. entered into a multi-year franchise agreement to distribute Tod’s products in India. Under this extensive agreement, the company positioned itself as the authorized retailer of the brand, covering all categories such as footwear, handbags, and accessories within the Indian market.
Reliance Brands Ltd. (RBL), a subsidiary of Reliance Retail Ventures Ltd., commenced its operations in 2007. The current array of brand partnerships within its portfolio includes Armani Exchange, Balenciaga, Bally, Bottega Veneta, Brooks Brothers, Burberry, Canali, Coach, Diesel, Dune, EA7, Emporio Armani, G-Star Raw, Gas and more. Presently, RBL operates over 2,212 outlets, consisting of 919 standalone stores and 1,293 shop-in-shops across India.
India’s footwear market is expected to experience double-digit growth, reaching a market size of INR 191K crore by FY 2028, according to a report from the market research firm 1Lattice.
According to the report, the footwear market stood at approximately INR 123.5K crore in FY2024.
“The footwear industry finds itself at a pivotal juncture, shaped by evolving consumer tastes, swift technological progress, increasing calls for sustainability, and the rise of the resale market. With a projected Compound Annual Growth Rate (CAGR) of approximately 13%, the industry is set to soar, reaching INR 191K Cr by FY28. Looking ahead, there exists immense potential for substantial growth and expansion, benefiting both newcomers and established brands,” remarked Ashish Dhir, Senior Director at 1Lattice.
The surge in growth can be traced back to pivotal factors such as escalating disposable incomes, advancements in technology, the upscale trajectory of the industry, evolving consumer preferences, and the expanding scope of urbanization.
Observing the trend towards premiumization, the report indicated that a focus on elevating quality would propel the premium footwear market share from 47 percent in FY2021 to 49 percent by FY2025. Furthermore, it anticipates that the Consumer Price Index (CPI) will drive footwear prices upward, consequently fostering growth within the footwear industry. Over the past three years, India has experienced an average CPI of 5.5 percent, according to the report.
Regarding challenges, factors such as counterfeit products, inefficient inventory management, low margins, and labor-intensive manufacturing processes serve as key growth barriers for retailers.
According to the report, approximately 70 percent of the footwear industry operates in an unorganized manner, presenting challenges for organized retailers to effectively compete in terms of pricing and market presence.
Furthermore, intense competition from established brands and the influx of new entrants result in price wars and exert pressure on profit margins.
Shedding light on emerging trends within the footwear sector, the report underscored a growing consumer awareness regarding the environmental repercussions of their purchases. Consequently, footwear companies are actively investigating the utilization of recycled materials, vegan leather, and sustainable manufacturing techniques to mitigate environmental harm. Notably, there’s a discernible shift towards non-leather footwear, attributed to its cost-effectiveness, durability, and adaptability.
In terms of technology, brands are actively exploring the integration of virtual try-on and augmented reality (AR) technologies to enhance the online shopping experience.
Additionally, the report underscored the growing trend of collaborations between fashion and luxury brands with athletic footwear companies, alongside the flourishing sneaker culture, resulting in the proliferation of limited editions and the resale market.
Hilton today announced the signing of its flagship brand hotel in Lucknow, Uttar Pradesh’s capital city. Hilton Lucknow will be built in collaboration with Amrit Bottlers Private Limited as part of a cluster complex that already contains Hilton Garden Inn Lucknow, which Hilton currently administers under the same ownership.
Set to open in the first quarter of 2025, Hilton Lucknow is strategically located in the heart of Gomti Nagar, Lucknow’s prime area, and aims to set a new standard for hospitality excellence and innovation. This expansion enhances the brand’s footprint in Uttar Pradesh’s administrative capital and reaffirms Hilton’s dedication to expanding in India’s most populous state.
Hilton Lucknow boasts a prime location near government and commercial offices as well as the city’s railway station, and it is just 23 kilometres from the commercial airport. Once completed, the hotel will offer 140 guest rooms that combine local touches with modern design elements. Additionally, the hotel will provide extensive event spaces spanning 17,000 sq ft, including a banquet terrace garden, a ballroom, and meeting rooms, making it well-equipped to host large social and corporate events. Guests can also enjoy culinary experiences at three distinct food and beverage venues, including a specialty bar and a chic lobby lounge.
“We are thrilled to bring the world-class hospitality of Hilton to Uttar Pradesh’s largest metropolis. As we expand Hilton’s footprint in North India, Lucknow, with its wealth of historical and cultural significance as well as its modern appeal, offers a great location. Zubin Saxena, Senior Vice President and Country Head, Hilton, India, said, “We are appreciative of the chance to strengthen our relationship with Amrit Bottlers Private Limited and are prepared to meet the changing needs of our visitors.
Rajesh Ladhani, Director at Amrit Bottlers, expressed, “Our enduring partnership with Hilton, demonstrated through the successful establishment and operation of Hilton Garden Inn within the same complex, reflects our commitment to fortify our position in the thriving hospitality industry and broaden our reach in key areas like Gomti Nagar. With Lucknow emerging as a prominent destination catering to both domestic and international travelers, we believe Hilton Lucknow will elevate the city’s vibrant hospitality landscape.”
With 26 operational hotels in India and an additional 19 in the development pipeline, Hilton is set to triple its presence in India to a total of 75 operational and planned hotels in the upcoming years.
The Credo Centre of Excellence, in collaboration with the Apparel Skill Council, has launched the country’s inaugural fashion incubation centre in Kolkata. This initiative aims to bolster West Bengal’s INR 40,000 crore textile industry, as announced by an official.
“This marks India’s first fashion incubation centre and the first centre under the Public-Private Partnership (PPP) model authorised by the Apparel Made Ups Home Furnishing Sector Skill (AMHSSC) Council, an entity under the Ministry of Skill Development and Entrepreneurship,” said Pinaki Roychowdhury, trustee of the Credo “Additionally, the council maintains three more centres in Gurugram, Guwahati, and Tripura, focusing on basic tailoring training and entirely government-owned,” he stated.
West Bengal boasts a significant number of MSME-based garment manufacturers; however, exports are limited due to a deficiency in modern manufacturing, design, and supply chain ecosystems.
During the event, A Sakthivel, Padmashree awardee and chairman of AMHSSC, commented, “The objective of this program is to foster innovation and skill development within the home furnishing and apparel manufacturing sectors.”
“The main objective of the Centre of Excellence is to enhance the skills of workers in the clothing, makeup, and home furnishings industries through high-quality training. We aim to bridge the skill gap in the sector, equipping employees with the expertise required to excel in their roles,” Sakthivel stated.
Roychowdhury stated that Credo will provide incubation support, encompassing firm incorporation, assistance with design and manufacturing, and market access support for entrepreneurs for a minimum of 2-4 years, until they achieve the necessary momentum to operate independently.
“Credo’s various hybrid fashion design and entrepreneurship programs blend online learning with practical offline training, offering a contemporary and pertinent approach to skill development. This is complemented by industrial internships and entrepreneurship opportunities through its fashion business incubation program,” commented Dominic Savio, principal of St. Xavier’s College Kolkata.
Zavya, a jewellery brand, has appointed Ravi Malani, a former senior executive from Snapdeal, as its new Co-Founder.
Ravi Malani, the new Co-Founder of Zavya, stated, “I’m excited to join Zavya in its mission to make everyday fine jewellery both accessible and elegant for every woman. The Indian fine jewellery market offers a fantastic opportunity for Zavya. Through this partnership, I aim to enhance our current silver jewellery offerings and explore new avenues in the gold and lab-grown diamond sectors.”
Zavya plans to launch strategic initiatives to strengthen the brand identity, cultivate valuable partnerships with celebrities, and streamline the omnichannel retail experience. The company anticipates that Malani’s varied experience at Snapdeal, where he managed performance marketing and led projects in analytics and growth strategies, will greatly contribute to Zavya’s strategic direction and team leadership.
Zavya’s Founder and CEO, Poem Kabra, said, “I’m thrilled to welcome Ravi as Zavya’s co-founder and COO. His proficiency in e-commerce aligns with our mission and will help Zavya become a leader in the fine jewellery industry. My abilities are complemented by Ravi’s, who supports our decisions to diversify and expand our product offering, form important alliances, and give our clients a smooth omnichannel experience. We have faith that Ravi’s successful track record at Snapdeal will play a key role in Zavya’s inventive success within the sector.”
Bakingo, an online bakery, is planning to invest INR 40 crore to expand its production capacity along with going omnichannel, according to Himanshu Chawla, Co-Founder & Director of Bakingo, as reported by ET.
The company is aiming to expand its production infrastructure in urban centers such as Bengaluru, Delhi, Kolkata, and Mumbai.
“Currently, we operate a 10,000 sq ft manufacturing facility in Bengaluru, with plans to extend it to 25,000 sq ft. Likewise, we already possess a 25,000 sq ft unit in Delhi, and our intention is to establish an additional unit covering 15,000 sq ft,” he explained.
We currently operate with modest facilities in Mumbai and Kolkata. We want to open new 10,000- and 15,000-square-foot production facilities in each city this fiscal year,” he clarified.
Currently, the brand’s existing manufacturing units have the capability to produce 1,000 cakes per day. With the expansion of the production facilities, the goal is to increase this capacity to 3,000 cakes per day.
By October, the brand aims to inaugurate 30 to 40 Exclusive Brand Outlets (EBOs) within the span of a year.
“We are set to launch takeaway Quick Service Restaurants (QSRs) spanning 500-600 sq.ft. Initially, our focus will be on metro and tier I cities, followed by expansion into tier II and beyond,” he emphasized.
The capital expenditure (CAPEX) necessary for developing these company-owned and operated outlets will be between INR 70 and 80 lakh. The company plans to provide over 100 Stock Keeping Units (SKUs) in these Exclusive company Outlets (EBOs).
Additionally, the brand is strategizing to broaden its footprint in cities such as Kolkata, Chennai, Pune, Kanpur, Agra, Patna, Ludhiana, Patiala, Jalandhar, Ahmedabad, Indore, and Bhopal. Moreover, it aims to escalate its dark kitchens from 75 to 150, effectively doubling their number.
“We don’t have any plans on securing additional funds, as the $16 million raised from the private equity firm Faering Capital in November 2023 will be sufficient to drive our expansion initiatives,” he stated.
“Ultimately, our vision is to establish a INR 1,000 crore national brand within the next five years,” he added.
At present, the brand operates in cities such as Gurgaon, Delhi, Noida, Bangalore, Hyderabad, Mumbai, Jaipur, Chandigarh, Lucknow, Meerut, Panipat, Karnal, and Rohtak.
In response to shifting consumer demands, the brand is also exploring menu expansion by introducing a range of savory options.
The brand, which concluded FY23-24 at INR 210 crore and FY22-23 at INR 140 crore, aims to achieve a growth rate of 50-60 per cent in the current fiscal year.
“At present, our EBITDA profitability is at 2-3 per cent, with an equal contribution of 50 per cent revenue each from both D2C and marketplaces,” he said.
The brand, which generates 40 per cent of its revenue from North India, experiences a 45 per cent rate of repeat orders on any given day.
Presently, its Customer Acquisition Cost (CAC) is INR 450 for an average order value of INR 1,000.
In the realm of chocolates and ice creams, a harsh reality is becoming evident: the skyrocketing prices of cocoa are starting to affect the profits of major industry players. Not just traditional chocolate manufacturers like Amul, but also leading ice cream brands such as Baskin Robbins and Havmor, are facing challenges due to the increased cocoa expenses.
Amul, a major player in the chocolate industry, is considering a substantial price increase for its chocolate products. Jayen Mehta, the Managing Director of Gujarat Cooperative Milk Marketing Federation (GCMMF), the parent organization of Amul, highlighted that the price of cocoa beans in India has surged to INR 800 per kg, up from its earlier range of INR 150-250. Mehta stressed the necessity of transferring this cost increase to consumers, anticipating a rise of 10-20% in chocolate prices over the next two months.
Given the challenges of tweaking prices for seasonal commodities, Amul intends to maintain the same rates for its ice creams and beverages in spite of the upcoming price hike for chocolates. Mehta expressed assurance in the competitiveness of their offerings, implying that the impact on market share would be minimal.
Similarly, the rising cost of cocoa is exerting pressure on Baskin Robbins, a well-known American ice cream brand in India. Prices for components containing cocoa have increased by 70–80%, according to Mohit Khattar, CEO of Graviss Foods, the master franchise operator of Baskin Robbins in India. However, the business has decided to absorb these additional expenses for the time being in order to prevent a sudden increase in consumer pricing. Remaining optimistic about sales performance, Khattar proposed that they reassess the issue after the summer season.
Havmor Ice Cream, which had previously revised its prices earlier in the year to counter inflation, is also devising strategies to lessen the effects of the cocoa price increases. Komal Anand, the Managing Director of Havmor, emphasized the ice cream market’s sensitivity to price adjustments. Anand disclosed that the company had taken proactive measures by securing long-term pricing contracts in anticipation of these challenges, with the goal of sustaining current price levels despite the rise in cocoa costs.
As cocoa prices persistently rise, chocolate and ice cream brands are treading carefully to balance profitability with preserving consumer loyalty. The choices made by industry frontrunners such as Amul, Baskin Robbins, and Havmor are expected to influence pricing trends in the upcoming months, affecting consumer preferences in the chocolate and ice cream sections.
Swiggy, the online food delivery platform, announced on Monday that it now offers delivery services to tourists staying on houseboats on Dal Lake in Srinagar.
The company has collaborated with Shikara operators, who will help local delivery partners deliver orders directly to the doorsteps of the houseboats.
“The houseboat delivery by Swiggy exemplifies our commitment to providing unmatched convenience to consumers, wherever they may be,” stated Sidharth Bhakoo, National Head of Business for Swiggy Food.
“Our Shikara-based food delivery initiative underscores our dedication to catering to the varied requirements of our customers, whether they are wandering the city streets or unwinding on a houseboat,” he added.
Furthermore, the company stated that local delivery partners will be adequately compensated for their time, considering that these deliveries may take longer than standard on-road deliveries.
Swiggy stated that this provides restaurants with new opportunities to reach customers in distinctive locations and deliver their delectable dishes directly to their doorstep.
Swiggy, which launched its operations in Srinagar in 2022, boasts a platform with over 300 restaurants offering a diverse range of cuisines to both locals and tourists.
With a broad presence in the food delivery sector, Swiggy Food has partnered with close to two lakh restaurants across over 600 cities.
Anita Praveen, the Secretary of the Ministry of Food Processing, highlighted the crucial role of research and development (R&D) in advancing the Indian food processing sector to new heights.
Speaking at the FICCI Scientific Symposium on ‘Processed Foods for Purpose’, Praveen emphasized the sector’s considerable growth potential and its importance as a priority area in India’s agricultural sector.
Praveen remarked, “The Indian agricultural sector is experiencing strong growth, marked by record production levels, and the food processing sector has emerged as a key area for development.”
She added, “We have already achieved substantial growth with our existing resources. Now, it is crucial for the food processing sector to prioritize R&D to propel it to the next level.”
She emphasized the crucial role of the food processing sector in stimulating economic growth and creating employment opportunities, especially for micro and small enterprises.
“Food processing is a major investment driver, especially for the micro and small sectors, and has the potential to attract more private investments,” stated Praveen.
“We’ve made substantial progress with the resources we currently possess. In order to take the industry to the next level of growth, it is now imperative to prioritise R&D,” she said.
The Secretary highlighted the strategic benefits of the food processing industry, pointing to the abundant availability of raw materials at competitive prices and the growing consumer demand both at home and abroad.
“This sector benefits from the availability of abundant raw materials at competitive prices and strong consumer demand both domestically and internationally. Now is the time to boost the food processing industry,” Praveen stated.
Praveen also discussed the critical issue of food wastage, stressing the importance of implementing comprehensive waste management strategies at every stage, from farm to table.
She emphasized the significance of direct collaboration between industry stakeholders, farmers, and small-scale processing units to improve efficiency and reduce wastage.
“Now is the opportune moment to connect these micro units with large industries. The bottom-up linkage approach will benefit large industries in controlling quality, upholding standards, and ensuring a consistent supply chain,” she added.
“The industry should prioritize consumer education, and we need to take a balanced approach to this educational effort. Consumers should be aware of what they are consuming, and ensuring quality food production is the industry’s responsibility,” she added.
To enhance export capabilities, Praveen advocated for increased collaboration between major industries and smaller units, highlighting the significance of quality control and the maintenance of strong supply chains.
She emphasized the industry’s role in consumer education, promoting transparency and a well-rounded approach to raising awareness about food quality and safety.
Siraj Hussain, Advisor to the FICCI Food Processing Committee and Former Secretary of the Ministry of Food Processing Industries, echoed Praveen’s views, underscoring the crucial role of food processing in safeguarding food safety and nutrition.
“Food processing plays a vital role as the bridge between the farm and the table. It serves as a catalyst for economic growth, creates employment opportunities, and fosters innovation throughout the food sector. The significance of food processing in delivering safe, healthy, and nutritious food has now become paramount,” Hussain remarked.
He emphasized the sector’s potential to drive economic growth and foster innovation.
Sanjay Khajuria, President of CIFTI-FICCI and Director of Corporate Affairs at Nestle India Ltd, praised food processing as an emerging sector, applauding its advancements in modernization and sustainable economic growth.
“The food processing sector is seen as an emerging sector & has accomplished major achievements in modernization & sustainable economic growth in recent years,” he said.
Dr. Seema Bathla, a professor at the Centre for the Study of Regional Development, Jawaharlal Nehru University, emphasized the four fundamental elements of the Indian agricultural food system: production, consumption, ecology, and environment.
“The Indian agricultural food system comprises four key elements: production, consumption, ecology, and environment,” she stated.
With projections pointing towards an upward trajectory, the output of India’s food processing sector is anticipated to exceed USD 600 billion by the fiscal year 2025-26.
Jean-Christophe Babin, the CEO of Bulgari, an Italian luxury jewellery brand, picks up the B.zero1 Kada bracelet, priced at approximately INR 12 lakh, from a collection of iconic pieces at the brand’s Mumbai store in Jio World Plaza. “We are likely the only global jeweler offering Indian items like the mangalsutra and the kada,” he remarks. “The mangalsutra sold out very quickly, and we had to produce more,” he adds. Bulgari’s mangalsutra is priced over INR 4 lakh, yet it consistently sells out in stores.
Bulgari’s jewellery and watches have been enthusiastically embraced by Indians. “We achieved our highest-ever sales performance in India in 2023,” says Babin. According to the consulting firm Bain & Co, the luxury goods market in India, which encompasses personal luxury items, jewellery, home décor, cars, boats, and spirits, is currently valued at $17 billion and is projected to reach $90 billion by 2030.
Within the $17 billion market, the segment of personal luxury goods, encompassing watches, leather, apparel, and beauty products, accounts for $4 billion. In contrast, the global luxury market is colossal, reaching €1.5 trillion ($1.6 trillion). The ranks of affluent Indians are swelling, and their appetite for luxury is insatiable. The count of high net worth individuals (HNIs), possessing assets worth at least $1 million, stood at 790,000 in 2022 and is anticipated to surge to 1.65 million by 2027. According to Bain, the number of ultra-high net worth individuals (UHNIs), with assets valued at a minimum of $30 million, was approximately 12,000 in 2022 and could exceed 19,000 by 2027.
Meanwhile, Mumbai has surpassed Beijing as Asia’s billionaire hub for the first time, boasting 93 members in this exclusive club, according to the Hurun Global Rich List 2024. This trend is clearly reflected in the sales figures across various luxury categories. Luxury car sales in India reached a record high of 42,731 units in CY2023, marking a 20% year-on-year increase, as reported by Jato Dynamics. This growth can be attributed to rising disposable incomes and a tendency among consumers to upgrade their purchases following the Covid-19 pandemic. The upward trend is expected to persist in 2024, propelled by new product launches and increasing consumer aspirations.
In 2023, super-luxury car sales, priced above INR 2 crore, reached record numbers, albeit from a smaller base. Lamborghini, with models starting at INR 3.8 crore in India, sold 103 units last year compared to 92 units in 2022. Additionally, luxury sports car manufacturer Porsche reported its highest retail sales in India, selling 914 units in 2023, a 17% increase from the previous year.
Luxury housing priced at INR 50 crore and above has seen remarkable growth.
According to data from JLL India, luxury homes valued at INR 4,319 crore were sold in CY2023, up from INR 2,859 crore in 2022. This increase in sales value was coupled with a rise in the number of transactions, with 45 luxury homes sold in 2023 compared to 29 the previous year.
“There has been a notable evolution in India’s luxury market, driven by a rise in HNIs and UHNIs. Interestingly, there’s a shift as consumers, who previously looked for luxury overseas, are now focusing on India,” remarks Anurag Mathur, a partner at Bain & Co. “As international brands broaden their presence, domestic luxury brands are also on the rise. This dynamic environment indicates a promising path for growth,” he adds.
Experts suggest that social media has served an important role in the growing popularity of brands, particularly in the textile and fashion industries. Mathur says, “Social media has significantly increased the visibility of brand messages. Collaborations with celebrities have made brands more accessible to a wider audience.”
Gopal Asthana, CEO of Tata CLiQ, sees the rise of the luxury sector as a long-term trend. “Online shopping is important for luxury brands, given the spread of wealth across the nation,” Asthana said. He says that Tata CLiQ Luxury, with its nationwide presence & consumer-friendly regulations, has aided and promoted the shift to online luxury purchasing. Last year, Tata CLiQ Luxury’s top-performing categories were clothes, footwear, and watches.
As wealth increases, people’s tastes and preferences evolve, especially among the younger generation, according to many companies. Neeraj Walia, MD and CEO of Montblanc India, points out that despite the ubiquity of gadgets, there is a growing culture of writing and journaling in the luxury segment. “A significant number of young individuals are financially successful and are becoming consumers of luxury goods. The younger generation looks for products with personal significance and compelling stories. Our limited-edition collections, such as Writers Edition and Masters of Art, appeal strongly to this demographic,” he adds.
In addition to India-centric innovations by brands and the inauguration of the luxury mall, Jio World Plaza, in Mumbai, one standout event on the calendar was Dior’s fashion show. The renowned fashion house incorporated India into its seasonal lineup, transforming the marigold-adorned Gateway of India into a runway for its pre-fall 2023 collection.
Designer Sabyasachi Mukherjee also considers 2023 as “highly significant” for him, marked by the opening of his largest flagship store in Mumbai and the introduction of his jewelry boutique at Taj Krishna in Hyderabad. His global partnerships include a limited-edition lipstick collection with Estee Lauder and the debut of eyewear with Morgenthal Frederics. He also highlights a concern: “The infrastructure and distribution channels needed for a luxury boom are still a challenge. However, once we overcome this hurdle, India is poised for significant growth.”
To facilitate this transition, the Indo-French Chamber of Commerce & Industry (IFCCI) has established a committee featuring brands like Louis Vuitton, Dior, and Hermès. The aim is to help these brands grasp the opportunities in India and to foster collaboration with Indian craftsmanship, which is gaining international recognition. “India is a pivotal market and a priority for many foreign companies, particularly those in the luxury sector. Meanwhile, Indian designers such as Rahul Mishra and Gaurav Gupta frequently showcase their collections at Paris Fashion Week,” says Payal S Kanwar, Director General of IFCCI.
“There is a convergence of international brands exploring the Indian market and Indian craftsmanship gaining recognition abroad. Many new, small-scale luxury players are also considering entering the Indian market.”
A shortage of quality retail space poses a significant challenge for brands aiming to expand in India. Pushpa Bector, Senior Executive Director at DLF Retail, notes that despite this obstacle and occasional disruptions in the supply chain since 2020, the luxury retail industry experienced substantial growth in 2023, especially in segments like high-end fashion, accessories, and jewelry. Brands made a more “focused effort” last year to better connect with Indian consumers. “They implemented measures such as aligning pricing strategies with global standards and diversifying product offerings in local stores to cater to a variety of preferences,” she adds.
The opening of the Ram temple in Ayodhya also had a positive impact on the Spanish luxury porcelain brand Lladró. Nikhil Lamba, CEO of Lladró India, reveals that sales of its Ram Darbar collection, priced at INR 2.3 lakh for the open edition and INR 13.45 lakh for the limited-edition set, tripled in the first quarter of 2024 compared to the previous year. In August, the company will introduce a limited-edition sculpture of Lord Hanuman as part of its Spirit of India collection. Their limited-edition Lord Balaji, initially launched in 2018 with only 299 units, saw a 38% increase in price last year and now retails for INR 33 lakh each, with fewer than five unsold pieces worldwide.
The surge in Swiss watch exports to India further confirms the growing luxury market in the country. According to the Federation of the Swiss Watch Industry (FH), exports of Swiss watches to India reached 218.8 million Swiss francs ($240 million) in 2023, marking a 16% increase from 2022.
Pranav Saboo, CEO of Ethos Watch Boutiques, a luxury watch retailer, announced a 22.4% growth in operational revenue during an earnings call for Q3 FY2024. The sales increased from 229.7 crore to INR 281.2 crore year-over-year. “Our aim is to accomplish the yearly sales of 100,000 watches over the next ten years, with an average ex-factory price of CHF 2,500 per watch,” he said.
It’s not limited to watches alone. According to Riti Gupta, spokesperson for Läderach India, sales for the Swiss chocolate retailer Läderach have skyrocketed more than fivefold since its introduction in India last year. Gupta notes that global brands are increasingly entering the Indian market, acknowledging its luxury market potential and fueled by a growing affluent class seeking high-end experiences.
“This momentum is driving our expansion plans, and we anticipate announcing the opening of additional stores this year,” she remarks. Bector from DLF Retail indicates that the outlook for 2024 is optimistic, with positive expectations across the industry. “The growth is anticipated to be propelled by the increasing segment of affluent Indian consumers and a young demographic eager to adopt luxury products,” she adds.
“With brands anticipated to adjust their strategies and offerings to align with the changing preferences of the Indian market, the groundwork is laid for another year of strong growth and innovation in the luxury sector.”
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