Luxury Brands Turn to India as Key Growth Market

The luxury fashion sector is facing a decline, with 2023 and 2024 anticipated to pose significant challenges. Italian brand Tod's has collaborated with Indian designer Rahul Mishra to create a limited-edition capsule that includes signature items such as the Di bag and Gommino shoes. Notably, Mishra was the first designer to present at Paris Couture Week in 2020. With India being a focal point for brands, Tod's operates four stores across Mumbai, Delhi, and Kolkata. Additionally, Dior unveiled its pre-fall 2023 collection in New Delhi, while Ralph Lauren launched its inaugural store in Mumbai. India's luxury market is projected to rise from $5.9 billion in 2022 to $6.1 billion in 2023, driven by a growing affluent consumer demographic.