Luxury sales soar as affluent Indians splurge

Affluent Indians are spending more on high-end luxury, driving sales of the world’s top labels despite slowing consumption in the country and a slump in China, one of the biggest markets for fashion giants. The three companies generated sales equivalent to nearly two-thirds of entire India business of the Swiss watch industry, which sold timepieces worth ₹2,074.8 crore between January and October this year in the country. “What we've noticed now is that while people generally are spending less often on their luxury goods purchases compared to previous years, they are buying more valuable items," said Raahuul Kapoor, founder of Delhi-based Luxury Ampersand Frolics, which offers consultancy services to luxury brands and brings its own brands to India. The maker of famous Birkin and Kelly bags, Hermes India Retail and Distributors sold ₹316 crore worth of luxury bags and accessories in FY24, growing 27% over FY23's ₹249 crore. In August, Mint reported that Reliance Brands Ltd, a Reliance Industries subsidiary that manages over 50 global luxury and fashion brands, saw its losses widen to ₹288.4 crore in FY24 from ₹185.16 crore the previous year even its revenue grew 13% on-year to ₹2,303 crore.