Luxury Goods Manufacturers Focus on India
The luxury industry is growing at an extremely fast pace due to India's expanding number of high net worth individuals, states Manjunath Reddy, Research Analyst at Euromonitor. Indian consumers are already aware of luxury watch brands such as Rolex and Rado because of their appearance in Bollywood films, so the current challenge to luxury goods manufacturers is awareness of apparel, beauty, and personal accessories. Brands like Louis Vuitton and Gucci have already entered the Indian market. Overall, the Indian market for luxury goods is expected to grow by 22% in value sales between 2012 and 2017.
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