Local brands Louis Vuitton, Christian Dior and Hermès are sold together INR1.4 billion worth of clothing, bags and other goods in India in the year ended March 2024, according to filings with the Registrar of Companies, accessed exclusively through business information platform Toffler. The three companies generated sales of almost two-thirds of the Swiss watch industry’s entire India business and sold the same amount of watches. INRBetween January and October this year, $2,074.8 million was paid in the country.
Rahul Kapur, founder of Luxury Ampersand Frolics, a Delhi-based consultancy, said: “What we’ve realized now is that people are generally spending more on luxury goods than they used to. “Even though they’re buying less frequently, they’re still buying more valuable items.” We serve luxury brands and bring their brands to India. “The industry is growing because of consumption, but also because of price increases across luxury goods companies.”
Post-pandemic India saw a surge in demand for luxury homes and designer apparel by wealthy Indians, even as inflation caused most consumers to cut spending. Rising incomes and a younger population are expected to increase spending on luxury goods. India’s luxury goods market is expected to grow at a steady pace over the next few years, reaching around $30 billion by 2030 from an estimated $17 billion in 2024, according to management consultant Deloitte India. The sales figures of top fashion brands reflect their potential.
In FY24, Louis Vuitton India Retail, part of the parent company owned by billionaire Bernard Arnault, INRAccording to the November report submitted to the Ministry of Corporate Affairs, sales increased by 13% from the previous year to 811.6 billion yen. profit increased INR140 million ~ INR149 million.
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Christian Dior Trading India’s operating revenue increased by 45%; INRFrom 265.71 million INRThe previous year was 183.22 million. Profits also increased by 45% compared to the previous year. INR32.1 billion.
Sold by Hermes India Retailers and Distributors, Manufacturer of Famous Birkin and Kelly Bags INR316 million worth of luxury bags and accessories in FY24, up 27% from FY23 INR249 million. Net income increased by 33%. INR727.3 billion pairs INRThe previous year was 54.3 billion yen.
Neither company responded to Mint’s email inquiries by press time.
Mr. Kapoor of Luxury Ampersand Frolics said, “FY24 was a great year for us as it was all about creating new experiences and products.” “Our cigar business will grow over the fiscal year 2023 and seeing the growth potential, we have also signed to bring our accessories brand ST DuPont to India.”
Indeed, some of the growth of high-end luxury brands can be attributed to currency fluctuations, particularly the stability of the Swiss Franc against other world currencies, which also affected some luxury goods businesses. Some retailers Mint spoke to said prices for products were 10 to 15 percent higher than last year.
Moreover, not all luxury brands are reporting similar growth. In August, the Mint reported that losses at Reliance Brands Limited (RBL), a subsidiary of Reliance Industries that manages over 50 global luxury and fashion brands, had widened to: INR288.4 million in FY24 INRLast year’s sales were $185.16 million, a 13% year-over-year increase in sales. INR230.3 billion. The increase in sales was not enough to boost the profitability of brands in the portfolio, especially Diesel Fashion India and Paul & Shark.
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And the first two quarters of 2025 were even more difficult. High summer temperatures, the general election and weak consumer sentiment have dampened luxury spending. India’s economy also grew at 5.36% in the July-September period, the slowest pace in seven quarters.
Additionally, increased international travel means that many wealthy Indians are once again shopping abroad.
Still, trends in early October point to a recovery in the second half of the year. Industry experts are hopeful that the Christmas season, including the ongoing wedding season, will help make up for the drop in sales experienced earlier this year.
For example, Italian luxury bespoke shoemaker Santoni is forecasting 10% year-over-year growth in the October-December period. Sanjay Kataria, co-founder of Luxerati Retail Pvt. Ltd, Santoni’s Indian partner, said much of this growth was due to steady-state sales, but some was due to inflation due to a weaker rupee. Ta.
“The first half of this year was a little slow due to the election and unseasonable weather. However, October and November saw significant growth compared to the same period last year,” he told the Mint.
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