It doesn’t hurt to note that it was also encouraged by the Indian government’s Department of Industrial Policy and Promotion for foreign direct investment (FDI) proposals for single-brand retail. In 2017, LVMH posted revenues of INR1.78 billion in FY17 for India, with its profit up 50 percent to INR80 million. Pakistani, in comparison, aside from needing economic reforms, also suffers from an identity crisis that is perpetuated through state institutions and a broken education system that are further deterrents. No doubt, infrastructure, policies and a general social and political environment conducive to growth and Foreign Direct Investment (FDI) have made all this possible. India has embraced the propensity of the wealthy to spend, following decades of hiding away riches in a socialist country where spending and ostentatious living was frowned upon.

India today is a part of the top 100 club on Ease of Doing Business (EoDB).Īltered perceptions is another. “It’s vibrant, it’s new design, new color, new technologies into the luxury space, which is hugely needed.”Ī number of factors, for starters, including serious and consistent reforms improved the investment climate, specifically since the opening of its economy in 1991. “It’s a hugely untapped market with middle class on the rise and lots more and lots more, by the year, millionaires,” Deborah Aitken, senior analyst for luxury goods at Bloomberg Intelligence, was quoted as saying. The move also points to Dior’s ability to bring entry-level buyers into the LVMH realm - a rising group of aspirational luxury seekers, especially in the country of 1.4 billion people, through its cosmetics, perfumes and bag offerings. Knight Frank data estimates that India will have 1.4 million millionaires by 2026 – 77% higher than in 2021. The country currently has 119 billionaires, according to Oxfam, and more than 800,000 dollar millionaires.

Louis Vuitton edited 40 pieces from their Spring/Summer 2010 and Fall/Winter 2010 collections using fabric from saris sourced in New Delhi, Bombay, Bangalore, Madras and other cities in India.

Tapping the billionaire