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Home»Articles»Luxury Brands Market in India: Recent Trends Challenges and Opportunities

Luxury Brands Market in India: Recent Trends Challenges and Opportunities

Author : Sukhvinder Singh and Vandana Gupta
Volume 8 No.2 April-June 2019 pp 104-107

Abstract

Luxury Brands industry has undergone series of dynamic changes in last 20 years. India’s luxury market is set to grow USD 30 billion from USD 23.8 billion by the end of year 2020 attributing to growing influx and expose to international brands, high purchase power of Indian upper class consumer in tier II and tier III cities. According to study by Assocham, Indian Luxury market is expected to expand five folds in next three years and the number of millionaire expected to multiply three times. India, has rich fashion history of bright colours, exotic saris, elegant embroidery, and stunning jewellery, that has been an inspiration for designers around the world. Hence, many international luxury brands recognize the potential of the market of Indian owing to the growing number of billionaires and the rise of the urban elite class. The industry has faced challenges from technological advancements, high import duties and counterfeits products. The purpose of this research paper is to highlight the main areas of concern for the future of luxurybrand industry in Indian market with its challenges, trends and opportunities.

Keywords

Luxury, BRICS Ultra High Net Worth Individuals, Counterfeits, Millennial

Full Text:

References

[1] Assocham (2016).The rise of online shopping for luxury brands in India. Retrieved from http:// indianexpress.com/article/technology/sponsored/the-rise-of-online-shopping-for-luxurybrands-in-india/
[2] Dubois, B., & Laurent, G. (1993). Attitudes towards the concept of luxury: an exploratory analysis. Asia Pacific Advances in Consumer Research, 1(2), 273–278.
[3] Dubois, B.., & Paternault, C. (1995). Observations: understanding the world of international luxury brands. Journal of Advertising Research, 35(4), 69–76.
[4] Kapferer, J. (1998). Why are we seduced by luxury brands? Journal of Brand Management, 6(1), 44–49.
[5] King, J. (2016). Chanel trumps Louis Vuitton, receiving highest mentions on social: NetBase. Retrieved from https://www.luxury daily.com/luxury-gathers-to-discuss-innovation-tradition-atfacc symposium/
[6] Low, G.S., & Lamb, C.W. (2000). The measurement and dimensionality of brand associations. Journal of Product & Brand Management, 9(6), 350-370
[7] Nueno, J.L., & Quelch, J.A. (1998). The mass marketing of luxury. Business Horizons, 41(6), 61–69.
[8] Okonkwo, U. (2007). Luxury Fashion Branding: Trends, Tactics, Techniques, Palgrave Macmillan, New York, NY.
[9] Shukla, P. (2011). Impact of interpersonal influences, brand origin and brand image on luxury purchase intentions: Measuring interfunctional interactions and a cross-national comparison. Journal of World Business, 46, 242–252.
[10] Vigneron, F., & Johnson, L.W. (2004).Measuring perception of brand luxury.Journal of Brand Management, 11(6), 484–506.

Asian Journal of Managerial Science (AJMS) is a quarterly international peer-reviewed journal of Managerial Science. One of the objectives of this journal is to disseminate knowledge on various research issues connected with the topics include, but are not limited to:

Accounting, Auditing, Banking, Business strategy, Corporate governance, Entrepreneurship, Financial structure, Capital markets, Health economics, Human resources management, Information systems,Innovation management, Insurance, Marketing, Organization, Production and logistics, Risk management, and Taxation.

Luxury Brands industry has undergone series of dynamic changes in last 20 years. India’s luxury market is set to grow USD 30 billion from USD 23.8 billion by the end of year 2020 attributing to growing influx and expose to international brands, high purchase power of Indian upper class consumer in tier II and tier III cities. According to study by Assocham, Indian Luxury market is expected to expand five folds in next three years and the number of millionaire expected to multiply three times. India, has rich fashion history of bright colours, exotic saris, elegant embroidery, and stunning jewellery, that has been an inspiration for designers around the world. Hence, many international luxury brands recognize the potential of the market of Indian owing to the growing number of billionaires and the rise of the urban elite class. The industry has faced challenges from technological advancements, high import duties and counterfeits products. The purpose of this research paper is to highlight the main areas of concern for the future of luxurybrand industry in Indian market with its challenges, trends and opportunities.

Editor-in-Chief
Dr. Tan Fee Yean
Department of HRM, Universiti Utara Malaysia, Kedah, Malaysia
[email protected]
Editorial Advisory Board
Dr. Aidil Rizal Bin Shahrin
Department of Finance and Banking, University of Malaya, Malaysia
[email protected]
Dr. Amalendu Bhunia
Department of Commerce, University of Kalyani, West Bengal, India
[email protected]
Dr. Ahmad Zahiruddin Bin Yahya
Department of Accountancy, University of Malaya, Malaysia
[email protected]
Dr. Anil Govindrao Suryavanshi
Department of Commerce & Management, The New college, (Shivaji University), Maharashtra, India
[email protected]
Dr. Ong Lin Dar
Department Of Business Strategy And Policy, University of Malaya, Malaysia
[email protected]
Dr.V.Balachandran
Department of Corporate Secretaryship, Alagappa University,Tamil Nadu, India
[email protected]
Dr. Yeong Wai Chung
Department Of Operation and Management Information, University of Malaya, Malaysia
[email protected]
Prof.V.V.Devi Prasad Kotni
Department of Management Studies,GVP College for Degree & PG Courses, Andhra Pradesh, India
[email protected]
Dr. Quah Chee Heong
Department of Business Strategy and Policy, University of Malaya, Malaysia
[email protected].edu.my
Dr.Subrata Roy
Department of Commerce, Rabindra Mahavidyalaya, West Bengal, India
[email protected]
Dr. Norbani Binti Che Ha
Department of Marketing, University of Malaya, Malaysia
[email protected]
Dr. Tey Lian Seng
Department Of Business Strategy and Policy, University of Malaya,  Malaysia
[email protected]
Dr. Mohammad Nazri Bin Mohd Nor
Department of Business Strategy and Policy, University of Malaya, Malaysia
[email protected]
Dr. Binish Qadri
Research Scholar, Department of Economics, Central University of Kashmir, India
[email protected]
Dr. Khaw Lee Hwei
Department of Finance and Banking, University of Malaya, Malaysia
[email protected]
Dr. V. P. Sriram
Department of Management, Balaji Institute of International Business, Maharashtra, India
[email protected]
Dr. Yusniza Binti Kamarulzaman
Department of Marketing, University of Malaya,  Malaysia
[email protected]
Dr. Kanagi Kanapathy
Department of Operations and Management Information Systems, University of Malaya, Malaysia
[email protected]
Dr. Abd El Salam Mahmoud Abou Kahf
Department of Commerce, Alexandria University, Egypt
[email protected]
Dr. Wong Sek Khin
Department of Business Strategy and Policy, University of Malaya, Malaysia
[email protected]
Dr. Lee Su Teng
Department of Business Strategy and Policy, University of Malaya, Malaysia
[email protected]
Dr. Phoong Seuk Wai
Department of Operation and Management Information System, University of Malaya, Malaysia
[email protected]
Dr. Dennis Palkon
College of Business, Management, Florida Atlantic University
[email protected]

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    Editorial Note

    Editorial Dr. Tan Fee Yean

    Editor-in-Chief
    Dr. Tan Fee Yean
    Department of HRM, Universiti Utara Malaysia, Kedah, Malaysia
    [email protected]
    Editorial Advisory Board
    Dr. Aidil Rizal Bin Shahrin
    Department of Finance and Banking, University of Malaya, Malaysia
    [email protected]
    Dr. Amalendu Bhunia
    Department of Commerce, University of Kalyani, West Bengal, India
    [email protected]
    Dr. Ahmad Zahiruddin Bin Yahya
    Department of Accountancy, University of Malaya, Malaysia
    [email protected]
    Dr. Anil Govindrao Suryavanshi
    Department of Commerce & Management, The New college, (Shivaji University), Maharashtra, India
    [email protected]
    Dr. Ong Lin Dar
    Department Of Business Strategy And Policy, University of Malaya, Malaysia
    [email protected]
    Dr.V.Balachandran
    Department of Corporate Secretaryship, Alagappa University,Tamil Nadu, India
    [email protected]
    Dr. Yeong Wai Chung
    Department Of Operation and Management Information, University of Malaya, Malaysia
    [email protected]
    Prof.V.V.Devi Prasad Kotni
    Department of Management Studies,GVP College for Degree & PG Courses, Andhra Pradesh, India
    [email protected]
    Dr. Quah Chee Heong
    Department of Business Strategy and Policy, University of Malaya, Malaysia
    [email protected].edu.my
    Dr.Subrata Roy
    Department of Commerce, Rabindra Mahavidyalaya, West Bengal, India
    [email protected]
    Dr. Norbani Binti Che Ha
    Department of Marketing, University of Malaya, Malaysia
    [email protected]
    Dr. Tey Lian Seng
    Department Of Business Strategy and Policy, University of Malaya,  Malaysia
    [email protected]
    Dr. Mohammad Nazri Bin Mohd Nor
    Department of Business Strategy and Policy, University of Malaya, Malaysia
    [email protected]
    Dr. Binish Qadri
    Research Scholar, Department of Economics, Central University of Kashmir, India
    [email protected]
    Dr. Khaw Lee Hwei
    Department of Finance and Banking, University of Malaya, Malaysia
    [email protected]
    Dr. V. P. Sriram
    Department of Management, Balaji Institute of International Business, Maharashtra, India
    [email protected]
    Dr. Yusniza Binti Kamarulzaman
    Department of Marketing, University of Malaya,  Malaysia
    [email protected]
    Dr. Kanagi Kanapathy
    Department of Operations and Management Information Systems, University of Malaya, Malaysia
    [email protected]
    Dr. Abd El Salam Mahmoud Abou Kahf
    Department of Commerce, Alexandria University, Egypt
    [email protected]
    Dr. Wong Sek Khin
    Department of Business Strategy and Policy, University of Malaya, Malaysia
    [email protected]
    Dr. Lee Su Teng
    Department of Business Strategy and Policy, University of Malaya, Malaysia
    [email protected]
    Dr. Phoong Seuk Wai
    Department of Operation and Management Information System, University of Malaya, Malaysia
    [email protected]
    Dr. Dennis Palkon
    College of Business, Management, Florida Atlantic University
    [email protected]

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