A host of brands such as Louis Vuitton, Giorgio Armani, Christian Dior, Diesel, Gucci, Versace, and many others are increasing their footprint in India, by scaling up their retail presence. The latest expansion came from the iconic fashion brand, Christian Dior which opened a store in the upscale, Tajmahal Hotel in Mumbai.
Blues Clothing Company a licensee of several luxury brands like, Versace Collection, Corniliani, Damat and Tweens, too is spreading out by opening new outlets at Hotel Grand Hyatt and Tajmahal hotel.
According to Mr Sanjay Kapoor, Chairman, CII Luxury Goods Forum, & MD of Genesis Luxury Fashion, “The Indian luxury market has grown 13% over the past 3 years and is currently estimated to be $4.76 billion and is set to grow by 3 times by 2015 and apparel brands form a significant part of this growth especially in the category of menswear.
Informing about the current consumer preferences and spending traits, he said, “Jewelry, watches and accessories are the current largest categories and a new trend in apparel is the emergence of the 'menswear' luxury brands. Men too are becoming appearance and brand conscious and classic menswear brands such as Canali are finding favour with Indian men in the 35-44 age bracket, while younger men in the age bracket of 21-35 are dressing up in brands such as Paul Smith, Kenzo and Etro.
Elaborating on the various factors, driving this market trend, he noted, “The economy is clearly on a recovery mode and men are beginning to spend on themselves too. They are well-traveled, and while earlier they shopped for their favourite brands overseas, now they can find the same brands in India too, hence it is far more convenient to buy here, the prices being almost the same, along with which, brands have their latest season collections in the boutiques here.
“The market sentiment is upbeat and hence people are on a shopping spree as was clearly visible during Diwali and we expect this mood to continue through the season”, he commented by saying, on the just completed festive shopping season.
Mr Abhay Gupta, Executive Director, Blues Clothing Company considers that, current trends in consumer spending and choices are going upwards and people are getting more and more attracted towards brands, and was also in tune to the fact that the 30 plus age groups were the most potential buyers along with which metros and tier II and III towns and cities are considered as the most prospective bases, due to which they plan to expand mainly, in the tier II and III cities.
Fibre2fashion News Desk - India
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