International luxury brands have set their sights on India, which is one of the major economies in the world, and are preparing plans to invest in India.
According to the latest report from the Euro Monitor, the luxury market is poised to grow annually by 12% from 2022 to 2026 and cross the $5 billion mark.
Luxury brands like Gucci, Cartier, and Louis Vuitton have set their sights on Indian shopping malls.
According to an estimate by real estate consultant Knight Frank, the number of millionaires in India will cross 1.4 million by 2026. The luxury market would be spurred further by their lifestyle.
Noted businessman Mukesh Ambani started a new shopping mall in Mumbai for the benefit of the wealthy. International brands like Gucci and Cartier have been preparing to take the shops on lease in the mall as part of expanding their business activities.
Similarly, Reliance Industries, by the end of the current year, is going to launch work on the construction of the Jio World Plaza. Luxury brands like Burberry, Kering, LVMH, and Richemont are likely to showcase their products at Jio World Plaza.
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