Traditional luxury brands such as Gucci and Louis Vuitton were associated with exclusivity and a high price tag. The target audience for such brands was high net worth individuals, who purchased luxury products because they were perceived as status symbols, representing success and wealth.
Designer apparel and footwear was the leading revenue generator within personal luxury during the review period. The demand for branded apparel is seen across all consumers, especially in urban areas, with rising aspirations leading consumers to continuously seek more luxurious brands.
2018 saw the government further push the “Make in India” initiative, with the vision to support domestic manufacturing and reduce imports. To achieve this, the government imposed higher customs duties across several products in personal luxury, resulting in increases in final prices.
Louis Vuitton, which is part of LVMH Watch & Jewellery India, is an international luxury brand which has offerings across several personal luxury categories, such as ready-to-wear, bags, mobile phones, fragrances and jewellery. It has strong brand recognition amongst both affluent people in the country and globally, as well as aspirational or first-time consumers.
Personal luxury is very fragmented, with many large players vying for share in the country. However, the competitive landscape has several large brands, such as Louis Vuitton, Hermès, Burberry, Calvin Klein and Gucci, to name a few.
Consumers who previously viewed brands such as Calvin Klein and Donna Karen as luxury will look to trade up to more premium brands such Gucci and Hermès on the back of rising aspirations. However, a major constraint to the higher growth of designer apparel and footwear brands is the low presence of retail outlets.
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Discover the latest market trends and uncover sources of future market growth for the Personal Luxury industry in India with research from Euromonitor's team of in-country analysts.
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