Luxury Leather Goods in India

PROSPECTS

Strong role for social media

The central role of social media in consumers’ everyday lives is a key factor in the development of a wide range of luxury goods, and it is particularly influential in luxury leather goods. As well as notifying consumers about what is considered fashionable, social media platforms such as Instagram enable them to post pictures of products such as luxury leather bags, wallets and belts in order to get the opinions of friends before making purchases and to display the items once they have been bought.

Luxury brands need to reach consumers in Tier 2 and Tier 3 cities

India’s Tier 2 and Tier 3 cities have a very large population and a growing, increasingly aspirational middle class. As a result, such locations offer notable opportunities for luxury brands, with luxury leather goods an important, affordable gateway product to raise brand awareness and familiarise consumers with brands’ identities and products.

Increasing emphasis on sustainability from manufacturers and consumers

Rising consumer environmental awareness is supporting an increasing interest in sustainability across many areas of life, including shopping. Consumers have become increasingly vocal about their commitment to sustainability on social media, and luxury brands are increasingly taking note.

COMPETITIVE LANDSCAPE

LVMH Watch & Jewellery leads through Louis Vuitton

LVMH Watch & Jewellery India is the leading player in luxury leather goods, thanks to the Louis Vuitton brand, which has acquired a strong customer base through its network of three stores across Bengalaru, Delhi and Mumbai. In addition, the brand continues to garner considerable interest through social media platforms such as Instagram, where celebrities are often seen using Louis Vuitton products.

Major foreign brands maintain their allure

French and Italian fashion brands continue to attract Indian consumers with an image of sophistication and prestige. The top three brands in luxury leather goods, Louis Vuitton, Hermès and Gucci, are all owned by French companies, though Gucci is an Italian brand.

Multi-brand stores gaining prominence

The concept of multi-brand outlets is gaining ground in luxury goods retailing in India, particularly in luxury leather goods. Luxxuberance, a multi-brand store chain with a strong emphasis on luxury leather goods, plans to open 40 outlets in India between 2019 and 2022.

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