COVID-19 Update: Luxury Apparels Market in India is Expected to Grow at a Healthy CAGR with Top Players: Ralph Lauren Corporation, Christian Dior, Coach, Tommy Hilfiger USA, Burberry Group

Luxury apparels depict a certain status symbol of individuals who splurge discretionarily and have high purchasing power. India exhibits a diversity of cultures, and is one of the world's most lucrative markets for luxury brands. The success of luxury brands is majorly determined by their ability to innovate and perceive the complexities of the Indian market. The latest fashion trend offered by luxury apparel brands has led to increase in popularity among millennials. Rise in use of advanced digital technology and media for product marketing in developing economies has boosted the growth of the luxury apparels market in India over the past few years.

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Increase in investment for product innovation to creating innovate designer apparels is a key factor that drives the growth of the luxury apparels market. This element creates a robust framework for the luxury apparel market in India. Strong economic growth in India and surge in tech-savvy consumers have led to increase in urbanization and higher disposable incomes, which in turn have propelled the growth of the luxury apparel market. Moreover, increase in retail presence of luxury brands along with new brands entering the country has resulted in strong performance of luxury apparel brands. However, heavy taxation, lack of suitable infrastructure, and availability of counterfeit brands restrain market growth.

Conversely, increase in penetration of e-commerce through social media platforms on digital devices has enabled consumers to choose from a wide variety of options. In addition, it serves as a convenient option for the buyers, since they are provided delivery of the product at their door step with easy return facility. These factor offer remunerative opportunities to luxury apparel manufacturers to grow their market base in the country.

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The India luxury apparels market is segmented based on material, mode of sale, and gender. Depending on material, the market is categorized into cotton, silk, leather, denim, and others. By mode of sale, it is segregated into online and offline. On the basis of gender, it is bifurcated into male and female.

The major players in the market include Ralph Lauren Corporation, Christian Dior, Coach, Inc., Tommy Hilfiger USA Inc., Burberry Group, Inc., Nike, Inc., Guess, Inc., Juicy Couture, CANALI S.P.A., and Gant AB.

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