INTRODUCTION: Luxury Brands in India

If it was few decades ago, there was a very limited scenario one could see with respect to the luxury market in India. Those days luxury market was associated with the rich class and with very few upper-middle class people. However, with the involvement of number of international luxury brands in the country, the shape of the luxury market in India has undergone a dramatic transformation. When it comes to the word luxury it is mostly misunderstood with the meaning beyond the reach of common man. With every year passing by, the so called beyond the reach of common man is proving to be a false fact. Luxury products are becoming the necessities not only for the rich class or upper middle class but also for the middle class people. Luxury market in India is build up on basic four elements which are quality, value for money, customer satisfaction and the most important creativity. In order to be successful in Indian market luxury brands should be able to sustain and fulfill these criteria on a long term basis. The Indian luxury market is growing at a rate of 25% which simply implies the consumption of luxury products has been increasing at a fast pace. India is becoming the new destination for luxury brands across the globe and Indian government opening Foreign Direct Investment (FDI) in retail has resulted in many global luxury retail brands to plan and strategize their expansion in India. If industry experts are to be believed Indian customers are more than ready to spend on these high-end luxury products evolving India in a major way.