Singapore, September 30, 2024 /PRNewswire/ — Kearney, a global management consulting firm, and LUXASIA, the world’s leading omnichannel brand building company, have built on the insights and industry interest generated from their first white paper last year. Asia Pacifichas released a second whitepaper titled “.indian This report explores the immense growth potential, complexities, and challenges of the luxury beauty market. Indiaalong with key commercial areas to succeed in the market.
India’s luxury beauty market is already expected to reach $1 billion market $1.6 billion quadruple by 2028 4 billion dollars A CAGR of 14% is expected by 2035. India One of the fastest growing markets in both Asia And the world. This growth is driven by the country’s overall economic development, a burgeoning middle class, and an increasingly sophisticated and upscale consumer looking to upgrade.
Although relatively small compared to the population, the luxury beauty market is India is poised to follow a high growth trajectory. China I have enjoyed it for the past 15 years. Therefore, it is critical to enter now for brands to make a name for themselves, gain the loyalty of Indian consumers, and ride the impending growth wave. With so many international brands entering the market, this potential has gone unnoticed. India In recent years, in order to gain first-mover advantage,
But entering the market comes with challenges. India It is a complex market, i.e. “a country with a large Indian population”. Unlike other Asian countries, indian Consumer preferences vary across the country due to vast geography and ethnic diversity. To be successful, brands need to develop a variety of region-specific (and even city-specific) strategies, rather than relying on general or single-market strategies. Additionally, brands must navigate operational and regulatory complexities such as product registration and importation while optimizing supply chain setups.
for India Specifically, they need to address three strategic pillars: customizing product offerings, targeting regional marketing strategies, and optimizing omnichannel distribution through strategic partnerships. The last point is critical to unlocking value quickly, including leveraging a national sales team, including training, staffing, and managing a dedicated network of beauty consultants across a variety of omnichannel environments.
Karan DharKearney’s Consumer Industry and Retail Partners said:indian The luxury beauty market is at a pivotal time and poised for exponential growth. There has never been a better time to invest in this space. Brands that strategically navigate that complexity will not only build a stronger foothold, but also foster lasting relationships with a new generation of luxury consumers. ”
Shashank Goel“With consumer sophistication and strong economic conditions, it’s clear now is the time to invest,” Kearney’s principal emphasized. indian The luxury beauty market is now. Success depends on a nuanced understanding of local preferences and the ability to customize services to meet diverse local demands. Ultimately, brands that have their finger on the pulse of the Indian consumer will succeed in this dynamic environment. ”
Satyaki BanerjeeGroup COO of LUXASIA, he is also the overall commercial leader in a number of markets including: India “Despite the inherent complexity and heterogeneity, Indiait is a very vibrant and attractive market for luxury beauty. Growth is expected to be not gradual over time, but with sharp inflection points. Brands need to be present in the market before such a sudden surge. It is imperative that brands play the “long game” and invest in understanding the dynamic omnichannel ecosystem of Indian consumers and markets. This effort needs to start today. Given the evolving market structure, complexity, and information asymmetry, benefits can be most effectively increased by working with the right partners in this endeavor. ”
doctor wolfgang beyerLUXASIA Group CEO declares: India It’s now. However, given the market risks and potentially costly learning curves, brands need expert support to ensure their presence in the market. We have delivered solid growth to numerous brands. India So far, LUXASIA is ready to leverage our expertise and partner with international luxury beauty brands to achieve long-term success in this promising market. ”
Source Luk Asia
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