The potential of India as a luxury market is breathtaking. This year, it’s likely to be one of the fastest-growing markets in global luxury, forecast to be worth $8.5 billion, up by an impressive $2.5 billion on 2021, according to estimates by Euromonitor International.
India remains a relatively new opportunity for global luxury brands, which have been frustrated for years by regulatory barriers including high import duties. Louis Vuitton was the first premium luxury brand to enter, as recently as 2002, while Tommy Hilfiger followed in 2003. In the years since, Gucci, Bottega Veneta and Burberry have all arrived. Valentino and Balenciaga are set to launch in India this year.
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