Executive Summary

Feb 2019
PROSPECTS
Consumers view sunglasses as a fashion accessory rather than a necessity

Sunglasses were primarily demanded for their functional usage, to provide protection to the eyes by blocking the sun’s direct rays. Even within the luxury segment, consumers bought sunglasses from premium brands due to their high functionality and durability.

Women’s luxury sunglasses benefits from women’s financial independence

In India, the majority of luxury sunglasses brands, such as Prada, Dior and Gucci, are associated with women’s fashion, making them popular amongst this consumer group. According to Euromonitor Lifestyles survey data, sentiment on future spending on luxury and non-necessities among women using credit cards increased from 2016 to 2017.

Store-based retailers continue to be preferred

Non-grocery specialists will remain the dominant channel for sales of luxury eyewear over the forecast period. Given the high unit prices of luxury sunglasses, the concept of touch and feel is significant, as consumers want to ensure they obtain the desired quality for the price they pay.

COMPETITIVE LANDSCAPE
Luxottica India Eyewear remains the leader in luxury eyewear

Luxottica India Eyewear continued to lead luxury eyewear in retail value terms in 2017, with a variety of power brands in its portfolio, such as Ray-Ban, Oakley, Burberry and Bvlgari, amongst others. The popularity and strong brand recognition of the company’s luxury eyewear products amongst consumers, especially high-income individuals, helped to ensure growth in value sales in 2017, although it saw a decline in its share.

The Luxottica-Essilor merger

The merger between Luxottica and Essilor will strengthen the position of Luxottica India Eyewear in the country in the forecast period. As the two companies operate in different categories, the combined entity will have an even bigger product portfolio across multiple categories.

Licensing continues to be an important strategy for luxury eyewear

Luxottica India Eyewear and Safilo India are two companies controlling the licenses for the majority of luxury eyewear brands in India. Licensing is a common strategy in luxury eyewear, which has brought a variety of brands into the country.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Eyewear industry in India with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Eyewear industry in India, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Eyewear in India market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth  
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Luxury Eyewear in India?
  • What are the major brands in India?
  • How dynamic is the growth of Luxury Eyewear internet sales?
  • What is driving growth?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply function

Luxury Eyewear in India - Category analysis

HEADLINES

PROSPECTS

Consumers view sunglasses as a fashion accessory rather than a necessity
Women’s luxury sunglasses benefits from women’s financial independence
Store-based retailers continue to be preferred

COMPETITIVE LANDSCAPE

Luxottica India Eyewear remains the leader in luxury eyewear
The Luxottica-Essilor merger
Licensing continues to be an important strategy for luxury eyewear

CATEGORY DATA

Table 1 Sales of Luxury Eyewear by Category: Value 2013-2018
Table 2 Sales of Luxury Eyewear by Category: % Value Growth 2013-2018
Table 3 NBO Company Shares of Luxury Eyewear: % Value 2013-2017
Table 4 LBN Brand Shares of Luxury Eyewear: % Value 2014-2017
Table 5 Distribution of Luxury Eyewear by Format: % Value 2013-2018
Table 6 Forecast Sales of Luxury Eyewear by Category: Value 2018-2023
Table 7 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2018-2023

Luxury Goods in India - Industry Overview

EXECUTIVE SUMMARY

Growth slows as luxury goods faces multiple challenges
Affordable luxury products are key to tap into the younger consumer group
Fragmentation is prevalent in the competitive landscape
Store-based retailing maintains its dominance
Luxury goods is expected to continue its positive performance

MARKET INDICATORS

Table 8 Number of High Net Worth Individuals (HNWI): 2013-2018

MARKET DATA

Table 9 Sales of Luxury Goods by Category: Value 2013-2018
Table 10 Sales of Luxury Goods by Category: % Value Growth 2013-2018
Table 11 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2018
Table 12 NBO Company Shares of Luxury Goods: % Value 2013-2017
Table 13 LBN Brand Shares of Luxury Goods: % Value 2014-2017
Table 14 Distribution of Luxury Goods by Format and Category: % Value 2018
Table 15 Forecast Sales of Luxury Goods by Category: Value 2018-2023
Table 16 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023

SOURCES

Summary 1 Research Sources