In March, Asian Paints had a graceful opening for Nilaya Anthology, its gallery-style decor retailer within the coronary heart of space-starved Mumbai. Hailed as probably the most formidable inside design showroom within the nation, and unfold throughout 100,000 sq.ft., it’s the measurement of virtually two soccer fields.
At the launch, friends sipped Veuve Clicquot Champagne whereas admiring wares from Milan’s haute design gallery Nilufer, Vikram Goyal’s museum-worthy brass creations, and complete rooms dedicated to bespoke Italian-designed kitchens, bogs, residence spas and furnishings from Europe and the Far East. In a metropolis the place fancy retailer openings occur on an nearly weekly foundation, it was, by far, the grandest, buzziest opening occasion.
“This is easily India’s most luxury-focused retail concept,” says Greg Foster, inventive director at Jaipur Rugs and former editor of Architectural Digest India. “To have designs from Nilufar, one of the world’s most important galleries, alongside fabrics from some of the most prestigious European textile houses, fabulous carpets from Jaipur Rugs, certified Indian antiquities from Natesan’s [and more], all under one roof, would be a fabulous concept anywhere in the world, let alone in Worli.”
Greg Foster
Foster remembers how the debut assortment of artwork works proven by Sabyasachi’s Art Foundation — a sequence of feminine varieties by artist Atish Mukherjee, in a recent tackle the Bengal School of Art — have been bought out on opening day. The costs ranged from ₹13.5 lakh to ₹52 lakh, and “people were fighting to buy them”, he shares.
India is experiencing a retail increase, and luxury shoppers are more and more spoilt for alternative as a proliferation of high-end, museum-esque shops are opening throughout the nation. Western high-end manufacturers too are launching focused collections for the Indian buyer. Four years in the past, Bulgari, the Italian luxury style home that retails, amongst different issues, traditional jewelry with value tags that may simply go over ₹1 crore, debuted its model of the mangalsutra. The model, which priced the piece at a fraction of their in-house designs, at round ₹13 lakh, employed actor Priyanka Chopra Jonas as its model ambassador.
Priyanka Chopra Jonas in Bulgari’s mangalsutra
In 2022, Louis Vuitton, the French luxury style home, which generated €20 billion in income globally, produced a capsule Rani Pink assortment of sneakers only for India for the festive season. And final 12 months, long-time Indophile and fancy shoe designer Christian Louboutin, whose designs stroll down crimson carpets at Cannes and the MET Gala, showcased a Diwali edit with velvet and brocade sandals and stilettos embroidered with zari.
Christian Louboutin’s Diwali edit
Many consumers who as soon as restricted their purchases to after they travelled overseas are now not ready to take action, as a substitute preferring to buy in India. A day earlier than luxury content material creator Pooja Advani was leaving for her summer time holidays to the U.S., she received a WhatsApp alert from a salesman at Le Mill in Mumbai. The stylish multi-brand luxury idea retailer was letting her know that the most recent Alaïa assortment had arrived. Advani, recognized for her fashionable model within the metropolis’s social circles, had needed a pair of the celebrated Parisian model’s sandals, costs for which begin at a median of $900 (approx. ₹77,000). She did a fast on-line value comparability between India and the U.S., and instantly purchased it.
Pooja Advani
“I got the tip in advance, they had my size, the price compared, and I didn’t have to leave my home. It’s these small conveniences that make it easier to shop for luxury in India,” she says. Advani is only one of many consumers that the Le Mill gross sales workforce has been steering in the direction of probably the most au courant style as quickly because it lands within the retailer — by means of a mixture of WhatsApp messages and calls. Hitesh Rathod, artistic director of Le Mill, says: “Many key pieces are sold even before they get uploaded on our website because our VVIP clients know exactly what they want,” he says. Luxury retail is not only about exclusivity anymore, additionally it is about accessibility. Especially in India.
“Earlier, I would buy luxury bags, clothes or gifts when travelling abroad. But during and after COVID, numerous new stores and better offerings have made me buy more in India. It is convenient — you don’t have to get on a flight, you don’t need to worry about Customs when returning home. Plus you can build relationships with the sales staff, and have personally curated concierge services. Abroad, you are just a tourist, unless you are a regular at a particular store. With better curation, almost everything being available here, and excellent pre-and post-sale service, I find it easier to shop in India now.”Shilpa BhagatEntrepreneur and former Mrs. India
Shilpa Bhagat
Why luxury retail is flourishing in India
Over the previous decade, a brand new prosperous class has emerged, because the start-up tradition and rise in inventory market efficiency led to higher wealth era amongst the highest 2% of the inhabitants, lots of them youthful entrepreneurs. This class is extra model acutely aware and globally uncovered. And after COVID-19, there seems to be a psychological shift amongst the wealthy to get pleasure from their lives and reside within the current.
This implies that whereas there are nonetheless massive numbers on-line (the e-retail market has surged to roughly $60 billion in gross merchandise worth, in response to world administration agency Bain & Company), there may be renewed curiosity in offline. “We are definitely seeing a strong resurgence in offline retail, particularly in the premium and luxury lifestyle segment,” says Abhishek Agarwal, founding father of Purple Style Labs, which owns Pernia’s Pop Up, the multi-brand style retailer, which lately took over the lease of the enduring 53,000 sq.ft. Ismail Building in Mumbai’s Fort neighbourhood. Its counterpart in Chennai, on upscale Khader Nawaz Khan Road, is equally well-liked amongst marriage ceremony customers who browse their aisles and iPads, the latter making it simpler for store assistants to supply from shops anyplace within the nation.
Abhishek Agarwal
“There is a noticeable rise in omni-channel behaviour, where people are browsing collections online but coming to our stores for a deeper experience. While the pandemic significantly accelerated digital adoption, physical retail has come back with greater experiential demand,” he provides. Pernia’s Pop Up is planning extra massive format shops in Mumbai, Delhi and New York.
India’s rising retail market
Rise of the only model retailer
The proliferation of massive and new gamers throughout India is strengthening this, be it malls resembling Palladium and Emporio or the Ambani’s Jio World Drive — which opened in 2021 with a roster of luxury manufacturers making their debut within the nation — or single-brand shops. The Collective, Aditya Birla Fashion & Retail’s multi-brand providing, as an illustration, is rising in scale, and lately opened three new shops, bringing its whole quantity to 40 throughout India.
The Collective
Adding to the combo is a slew of worldwide manufacturers coming into our shores. Swiss watch imports grew almost 30% within the first three months of 2025. Brands resembling Breitling opened new boutiques in Hyderabad, Chennai, Pune and Gurugram, whereas Frank Mueller has plans to broaden in Mumbai. “Today’s luxury retail is about immersion, not just inventory. Store formats — whether standalone or mall-based — are being designed to create a high-touch, narrative-driven experience,” says Pranav Saboo, MD & CEO, Ethos Limited. “At Ethos, we’ve adopted a hybrid model. Our mono-brand boutiques are housed in luxury malls to capture footfall, while our large-format experiential spaces like City of Time in Gurugram, allow for deeper engagement. Interestingly, we’re seeing hefty-ticket purchases even in mall stores, provided the brand story and experience align with consumer expectations.”
“The Indian consumer is no longer a peripheral player; they’re central to global brand strategies today. Brands are crafting timepieces specifically for this market, embedding both cultural nuance and exclusivity. Take the Jacob & Co. India Edition, for instance — a bold piece that features intricate plaques depicting India Gate, Taj Mahal, Qutub Minar, and the Ayodhya Ram Mandir on the dial. Other brands have also followed suit, such as Raymond Weil’s Ganges Edition and Frederique Constant’s India-exclusive model.”Pranav SabooEthos Limited
Beauty isn’t far behind
Long gone are the times when status magnificence merchandise — a part of celebrities’ skincare routines, from actor Jennifer Lopez (a La Mer fan) to musician Taylor Swift (Chanel and Charlotte Tilbury) — have been covetously bought by Indians whereas on vacation. Today, Reliance-owned Tira Beauty, which debuted in 2023 to concentrate on high-end magnificence, has opened 17 shops throughout India, whereas Nykaa introduced plans for 350 shops by the tip of the 12 months.
At the launch of the sprawling Tira retailer at Palladium two months in the past, girls throughout age teams have been testing YSL lipsticks, Estée Lauder and La Mer skincare, Prada perfumes and Okay-beauty choices whereas sipping on cocktails and Champagne. “Having a big store like this in the heart of Mumbai to browse in and test products, with good sales staff is helpful. Plus, it’s fun to do it with friends,” says Anushree Sardesai, 24, a content material creator and senior stylist at Hello! journal. “I’m a big fan of French brand Caudalie’s beauty elixir and used to wait for someone to visit France to get it. Now, the brands that I like to buy are at my doorstep and I don’t have to deal with import hassles and duty.”
Anushree Sardesai
Beauty is rising at a ten% charge 12 months over 12 months, in response to a 2024 McKinsey report, projected to hit $38 billion within the subsequent three years. With a a lot youthful inhabitants attuned to the most recent world magnificence traits and the expansion of social media apps resembling Instagram, wanting good has by no means been as essential. The much-awaited entry of Paris-based upmarket division retailer chain, Galeries Lafayette — the place well-heeled travellers typically make plans to spend a day looking excessive style and magnificence — reported to open in Mumbai’s historic Horniman Circle space later this 12 months, will additional check luxury retail’s buoyancy.
India’s new Bata, the Birk
Aspirational luxury is experiencing a increase, too. Last 12 months in Chennai, style influencer Pavitra Sagar was a part of a Birkenstock promotion at Express Avenue mall. With every thing on the German sandal model’s retailer at 50% off for 4 hours, she seen school college students shopping for 4 and 5 pairs of “Birks” every, which normally retail at ₹10,000. “I was shocked to know how many people wanted to buy them,” she remembers. But, in response to shopper behaviour consultancy Datum Intelligence, after the model launched in India in 2019, the enduring double-strapped sandals, a European staple to this point, has turn out to be one of many fastest-growing footwear manufacturers within the nation — with many within the media even calling it the “Bata for India’s elite”. “By the end of three hours, everything was sold out. There were no shoes at the store,” says Sagar.
Pavitra Sagar
Don’t overlook small cities
Meanwhile, the expansion in luxury retail spending is now not generated from the massive cities alone — not stunning in a rustic with a web-based penetration of 52%, in response to the Internet and Mobile Association of India (IAMAI) and Kantor. Tata Cliq Luxury reported 55% of its on-line gross sales got here from non-metro cities resembling Mysuru and Panchkula final 12 months. In reality, on the launch of a brand new luxury report, ‘Thinking Beyond The Cart: Elevating Luxury E-Commerce’ at a Mumbai gathering in January, its CEO Gopal Asthana advised friends that the working inhabitants in smaller cities is “earning well and actively seeking out luxury experiences and goods”.
Rathod of Le Mill shares that he “recently sold a Chloe Kerala 25 shoulder bag [which retails upwards of ₹1.6 lakh] to someone living in Rourkela on WhatsApp, while last week, it was an Alaïa top [that starts around ₹70,000] to a client in Chandigarh”. According to him, the shop commonly will get orders from Raipur, Rishikesh and Ludhiana both via Instagram or WhatsApp, that are then serviced via video calls and retailer excursions.
From magnificence to residence decor
Interestingly, luxury retail can also be rising throughout classes — in metros and elsewhere. While jewelry and style have all the time been essential segments, now residence décor and magnificence are rising, too. “It becomes natural for the Indian customer to want to shop in India where they have more options, attention to detail, and the ability to customise,” says Pavitra Rajaram, who curates the luxury choices at Nilaya Anthology. “A lot of our customers want to take a piece home and try it. And you can’t do that if the sofa is sitting in Italy.”
Pavitra Rajaram
Foster, of Jaipur Rugs, echoes this. He notes that individuals are prioritising spending on their properties like by no means earlier than. “Creating a beautiful home is more important today than a luxury car purchase or leisure travel. At Jaipur Rugs, for example, we’re seeing an appetite for new collections by Gurjeet Singh, Tatiana de Nicolay and Richard Hutten — pieces sell before they are anywhere near the showroom.”
Home interiors is projected to develop to $71 billion by 2033, in response to analysis agency IMARC, pushed by the 140 million shopper base that has discretionary spending energy. “If you think of tier 2 and 3 cities, this is the best time to be in this business because I don’t see things slowing down for home and interiors,” says Astha Khetan, co-founder of Udaipur-based furnishings gallery House of Things.
The in-store expertise
In January, House of Rose, which sells manufacturers resembling Bulgari, Chopard, and Frank Muller, other than its personal jewelry, opened its new outpost within the traditionally important Ballard Estate in South Mumbai. The luxurious retailer elevates the retail expertise — from the 9 massive museum-style arched home windows showcasing bespoke three-dimensional artwork installations created by up to date Indian artists, impressed by the luxury manufacturers bought on the retailer, to a bespoke bar and eating area for shoppers. Customers can get pleasure from curated 4 course meals and particular cocktails, wander into richly adorned personal rooms to know gems and view distinctive jewelry that retails anyplace from a number of lakhs to upwards of a crore.
House of Rose’s SICIS Bar
“The future lies in curated, immersive spaces,” explains Karan Vaidya, vice chairman of promoting and retail at House of Rose. “Our clientele is not just shopping for jewellery or watches — they’re seeking a memory, a story, a celebration.” The model plans to open two or three extra experiential shops throughout India by subsequent 12 months.
Khetan of The House of Things says that her pivot to a bodily gallery in Udaipur, the place the corporate is predicated, was a pure development and an “experiment” earlier than venturing into Delhi, Mumbai, Ahmedabad or Hyderabad, the place their main shopper base resides. She says the brand new retailer has already bought out its total stock twice because it opened mid-March.
Pichwai House at The House of Things
Wait, don’t rejoice
Despite all the expansion, Ravi Thakran, chairman of funding agency Turmeric Capital and previously head of LVMH-owned L Capital in Asia believes the keenness for quickly increasing luxury retail should be tempered. At the BoF VOICES convention final November within the U.Okay., seen because the Davos-equivalent for the style world, I seen convention attendees discussing China’s slowdown and world financial headwinds. One recurring theme in lots of personal conversations was the intense spot posed by India, the place individuals talked about how luxury manufacturers that had a robust narrative and have been dedicated to the market would do nicely. Thakran, nonetheless, talking at VOICES, was of the opinion that “India is now growing faster than China. But when it comes to the luxury market — talk of any brand, be it Mercedes-Benz, BMW, Louis Vuitton, Cartier — India is less than 1% of sales. The country’s stupendous growth is right in front of us, but the bulk of that growth is led by a very young population with a very low per capita income”. He provides that, “If you are an aspirational player, go to India today. In luxury, you still have to work [at gaining the market you need in the long term].”
His level: although Indians are spending on manufacturers, it’s for a smaller retail worth value; shoppers are nonetheless in development mode. But western manufacturers are more and more coming to the nation due to the potential for the worth of the basket measurement (variety of gadgets a buyer purchases in a single transaction) to develop.
Designers resembling Payal Singhal agree. “Yes, the richest 2% in India is booming, given the enormous wealth creation that’s never happened before. But if you look at mid-luxury, which is where we come in, the market is struggling,” she says candidly. “There is inflation, people are losing jobs.” A broadly reported story of financial information shared by Saurabh Mukherjea, founding father of Marcellus Investment Managers, indicated that center class earnings solely elevated at 0.4% over the previous decade, whereas inflation had eroded buying energy by 50%. Those making greater than ₹1 crore a 12 months, in the meantime, are rising.
Payal Singhal
| Photo Credit:
Shahzad Bhiwandiwala
Singhal, who used to have shops in New York and New Jersey, and celebrated her eponymous model’s twenty fifth anniversary final 12 months, has seen the ups and downs of the retail enterprise. “Brands like ours are either pivoting to higher segments to tap into that luxury 2% market, or lower, for mass appeal. Obviously, I decided to go higher, but I still wonder, what piece of the pie is everyone getting and how much will that 2% keep buying?”
The author is a Mumbai-based journalist and writer.
Published – June 16, 2025 11:16 am IST
