Top Luxury Brands Eye India's Rising HNI Market

The expanding economy has created a demand for luxury brands in India. The market for global luxury brands will also grow with the increase in the number of upper-middle class and HNI individuals. India's high-net-worth individual (HNI) population, with an aggregate net worth of USD 1 million and above, reached 7,97,714 in 2022 from 7,63,674 in 2021. By 2027, it will reach 16,57,272.

There is a high demand for luxury brands across various product categories, including fashion, jewellery, accessories, clothing, and more. In this blog, we will discuss the brands that appeal to HNIs. 

Popular Luxury Brands In India

As the number of HNI households increases exponentially, there are similar growth prospects for the luxury brands as they establish themselves across various sectors: 

Louis Vuitton

The brand was established in the 19th Century in Paris and blossomed into the most valued brand in the world. Its products include watches, handbags, leather goods, trunks, shoes, jewellery, and accessories. In 2003, the company opened its first store in India at New Delhi's Oberoi hotel. Initially, the brand faced scepticism, but it witnessed considerable growth in a few years, opening stores in major cities, including Chennai, Hyderabad, and Kolkata.

In FY 2023, the fashion brand generated revenue of over 7 billion Indian rupees, an increase of around 33% compared to 2022.

Gucci

The Brand was Established in 2021 in Florence and has become popular globally due to its rich materials, iconic designs, and flawless creation. Gucci started as a leather goods manufacturer and later added shoes, handbags, and ties to its portfolio. The company operates globally; by 2023,  39% of its global revenue came from the Asia-Pacific region. As of 2020, 55% of Gucci's revenue was generated by selling leather goods.

Its stores in India are located in Mumbai and New Delhi, offering fashion lovers an affluent shopping experience.

Hermes

Founded in 1837 in France, Hermes has established itself as a popular luxury brand in India. Hermès offers a variety of products, including handbags, ready-to-wear clothing, and accessories crafted with rich materials. In 2023, Hermès worldwide generated a revenue of 13.4 billion euros, an increase of 15% from the previous year.

In India, the luxury brand is popular for selling Birkin and Kelly bags. In FY 2023, Hermes India generated a revenue of 2 Billion Indian rupees, an increase of 42% compared to FY 2022. In May 2024, the company opened its third store in Mumbai, India, the brand's second retail outlet.
 

Jimmy Choo

Established in 1996, Jimmy Choo has become a must-have for celebrity red carpets. It is a famous British luxury brand that specialises in handbags, accessories, and shoes. In 2017, it was acquired by Capri Holdings. In FY 2024, the fashion retailer generated a revenue of USD 618 million globally, which represents 10% of Capri Holdings's net sales. As of April 2023, Jimmy Choo had 234 stores globally.

Recently, the company selected Princess Diya Kumari as its Indian brand Ambassador. Jimmy Choo has also opened two boutiques in Mumbai to strengthen its position as a luxury goods brand in India.

Conclusion

From famous fashion houses to acclaimed automobile manufacturers, India has become an excellent market for Indian luxury brands. Currently, the luxury brand market in India is the fastest-growing Market in Asia. With an increase in the HNI population in India, it is a perfect time for international brands to enter and operate.