Indian luxury market to grow over 25 percent

Thursday, 30 September 2010, 18:54 Hrs
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New Delhi:Indian luxury market will grow more than 25 percent over the next few years as disposable income of the upper middle class is surging on the back of robust economic growth.

"Luxury industry in India has shown very promising growth over the last couple of years and is set to grow at a minimum of 25 percent per year over the next few years with India emerging as a luxury shopping destination," said Sanjay Kapoor, Managing Director of Genesis Luxury Fashion Pvt. Ltd.

Kapoor, who is also Chairman of CII Luxury Goods Forum, said India was emerging as an attractive market for international luxury brands.

"We have right environment in place for international luxury brands to have a retail presence across our major metros. I feel we are at the threshold of a great expansion and it is indeed encouraging to be part of this new drive," Kapoor added.

According to India Luxury review, Indian luxury goods market was valued at $4.3 billion in 2007. The industry has witnessed robust growth in the last few years because of high disposable income among the middle class people.

Upper middle class Indians have one of the highest disposable incomes. Over 126,000 people are classified as high networth individuals and another 3 million households earning above 10 lakhs per annum.

The possible opening up of retail sector would give a fillip
to luxury industry in the country. The CII in partnership with A.T. Kearney will release a report next week that will highlight the latest trends in Indian luxury market.
Source: IANS
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