Pushpa Bector News Today

2023 was a record year for Indias luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bains estimates.

Luxury Market India: 2023 was a record year for India’s luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bains estimates.

2023 was a record year for Indias luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bains estimates.

Over the past year, Indian designer Sabyasachi Mukherjee has achieved significant milestones, including a showcase of jewelry, clothing, and accessories at Saks Fifth Avenue in Beverly Hills during the Oscars weekend. Additionally, his limited edition lipstick collection in collaboration with Estee Lauder was launched in the UK at Selfridges.

Imports touched ₹2,093 crore during the year, up from the previous year’s ₹1,500 crore

Great India Retail Summit: This exclusive 2-day summit, a first of its kind, assembles the crème de la crème of Indias rapidly growing retail industry. Aimed at boosting the collaboration between retail pioneers, policymakers, industry watchers, brand founders, MDs and CEOs, retail real estate developers, investors, technology innovators, and celebrity entrepreneurs, GIRS2024 promises to be an unparalleled showcase of the retail sectors dynamic landscape.

Demand for fashion and gadgets remained strong during the festive season, with a recovery of almost 130% of revenues compared to 2019.

Indias demand for high-end, luxury imported chocolates is growing, and the year-end season is predicted to see a notable spike in demand. In 2023, the nation imported $27.84 million worth of chocolate, a 45% increase over the previous year. It is anticipated that more high-end foreign brands will enter the nations market.

India Business News: The demand for luxury and premium imported chocolates is steadily growing in India, with the market expected to see a significant increase in the year

India attracts global consumer brands due to its young population and rising disposable income. Recent entrants include Brioni, Laderach, Nine West, Foot Locker, NARS Cosmetics, Pottery Barn Kids, Maje, and Sandro. Deloitte estimates India to become the third largest consumer market by 2030. Reliance Brands partners with international brands like Pottery Barn Kids, Balenciaga, and Pret A Manger. Bata India, Metro Brands, and Nykaa Fashion are local partners for Nine West, Foot Locker, and NARS C...