India with a luxury market of $6 billion, has 6,884 UHNIs in 2020 but the number is set to

rise 63 per cent by 2025. The number of high networth individuals (HNIs) -- people with
liquid assets of $5 million to $30 million -- were estimated at over 3.5 lakh.
With a population of 1.3 billion, making it the world's second-most populous country,
India is a potential luxury behemoth.

The Indian textile and apparel industry contributes 2.3% of the GDP of India, 13% to
industrial production and 12% to export earnings.
Revenue of the luxury apparel segment amounts to US $890M in 2022.
The market is expected to grow annually by 6.93% (CAGR 2022-2025).
Retail inflation grew up to 4.9% as per Nov. 2021 while clothing inflation rose close to
8%
 
Key players in Luxury Apparel Industry - 
 Louis Vouitton
 Fendi
 Sabyasachi
 Tarun Tahilani
 Ritu Kumar
 Manish Malhotra
 Gucci
 Tommy Hilfiger
 Saint Laurent
 Ralph Lauren

Macroeconomic factors that affect Luxury Apparel Industry - 

 Price
 Interest Rate
 National Income
 Recession
 Economic growth rate
 International Trade

Challenges faced - 
 Destination Shopping
 Government regulation
 Limited retail space
 Counterfeiting

Opportunities - 
 More disposable income
 Growth of luxury in non - metros
 Growth of affordable luxury in India
 New age luxury Indian consumer
 The HENRY
 Ethical Luxury

Before Covid-19 - 
The Indian luxury industry has been growing continuously at the pace of 20%-25% per
annum for the past several years and it was projected to touch $ 180 billion by 2025. 
Post Covid - 19 - 
Due to closing of stores, fashion shows, manufacturing industry and lockdown cost India
around $ 120 billion. The Indian economy grew at its slowest pace - 4.5% during the
second quarter of FY 20-21. During pandemic sales have been ground to halt for Indian
designers.

Revival strategy post Covid -

 Opacity to transparency
 Disconnection to connectivity
 Linear economy to Circular economy
 Status symbol to self-expression
 Rigidity to flexibility
 Classic Store to Experimental places

Future Scenario - 
 Post covid luxury apparel industry is growing gradually
 In budget 2022, allocation for textile industry increased up to 8.1%
 In next 2 years, 300 international fashion brands are planning to enter Indian
market